Steadily increasing interest rates and growing everyday expenses mean that financial difficulties can affect even the most stable and sensible financial plan. Falling into debt can happen to anybody, but this situation is manageable with patience, persistence, and a plan.
If you find yourself owing more than you earn, these helpful tips can help you take care of yourself and your family while you get your finances back on track:
Firstly, make contact with your bank’s collections or credit rehabilitation division to work out a payment arrangement. You may negotiate to pay a lesser instalment each month or be granted an extension, which will definitely relieve some financial pressure.
If your debt is for an asset, like a vehicle, consider selling it for the price of the remaining balance (what you still owe on your loan for it) and then pay off the remaining debt.
You could also sell your asset privately to try for a higher price, which could possibly make some profit, as well as help you service your debt.
If you feel that you can’t handle this process alone and need extra protection, you can also consider applying for debt review. This means legal action can’t be taken against you while you’re in the process of paying off your debts. You can contact our Debt Review helpdesk on 0861 111 402.
When it comes to tackling debt, try to identify all proactive debt-reduction solutions and then decide on the ones that best suit your situation and lifestyle. With time, this strategy should help you return to financial stability.