Make it Work

When you’re neck deep in debt, finding a way out can seem daunting. If you’re struggling, don’t fret. There is a way to pay down your debt, you just have to be willing to do it. Yes, where there’s a will, there’s a way. Here are some steps to take to finally conquer your debt.

Think First

The first step to getting rid of debt is to understand how you got in the red in the first place. That means taking a good, hard look at your financial habits. If you’re drowning in credit card debt, this can be relatively easy (though not painless). Look back at your last six months of bills and see where your money went.

Chances are the expenses that put you into debt weren’t necessary. For example, a recent study found that almost a quarter of young people are going into debt because of expenses related to dating. While everyone wants to find love, that is certainly an area that could be addressed. As Marketwatch reports, by looking into your financial habits, you can better find the patterns that put you into debt. Once you identify the issue, you can begin to form a plan on how to solve it.

Make a Card Change

When dealing with credit card debt, it doesn’t hurt to try and call the company and ask for help. If you’ve been making payments, they might agree to reduce your interest rate. You can also look into a credit transfer card. This will allow you to pay down debt without getting crushed by a high rate.

Go Big 

If you have a small amount of debt, you might be able to get away with making small changes to pay it down. However, if you have a large amount of debt, it’s likely going to take more than just adjusting a budget to make some headway. You might need to take on a roommate or even move back home with parents for a bit. Maybe you sell your car if you can work remotely. We never said digging out of debt would be easy, but you can do it. Start now.