We are already well into the new year. Are you struggling to get your head around how you are going to pay off the debt you have accumulated over xmas and the holidays?
What are the things you need to do to get on top of it?
1) Open the mail! Preferably when you receive it. It can be challenging to open up your bills when you know its going to be tough paying them. Unfortunately they wont go away. Knowledge is power so be brave and open them up.
2) Write down a list of all of your debts, who they are to, what the interest rates are, the timeframes and the total cost. Having a list of them in one place can be confronting if you have a few of them on the list but again knowledge is power.
3) Do a budget so you are aware of where your money is going and work out what spare money you have. The outcome you want from this is to know how much spare money you have to put towards your debts. You can also see where you may be able to make some cut backs to make more money available.
4) Put a plan in place to make regular payments off your debts to eventually pay them off. Start with the ones with the highest interest rates first.
5) Get help if you need it. Please don’t ever be embarrassed about your financial situation. We all need help at times to give us some assistance and keep us on track. The important thing is to take some action. Remember they wont pay themselves!