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It’s time to stop letting those debts build-up and to start digging your way out of the red. Even if it means looking to find help at, at least that’s a start.
Here are a few ways to beat your debts once and for all.


Keep communication with your creditors


The worst thing you can do is try to ignore your debts. Not keeping communication with creditors could anger these people and cause them to take further action, which could involve hiring a debt collection agency to come around your home. If you can’t pay off the debts right now, tell you creditors this – they’re much more likely to sympathise with your situation and could be open to other options. These options could include extending your debt over a long period so that you can pay it off in smaller instalments, or even delaying the debt payment deadline giving you more time to raise the funds to pay it off.


Stop taking out loans – unless you’re refinancing


By taking out more loans, you’re simply adding to your existing debts. Cancel your credit card and stop visiting emergency cash sites. The only time you should take out a loan when trying to beat your debt is for the sake of refinancing an existing debt – this could involve taking out a low interest loan in order to pay off a high interest loan. Sites such as The Ascent by the Motley Fool can help you to look into refinancing options. Be careful of consolidation loans as whilst these may make your debts easier to keep track of by paying them all of with one loan, you could end up paying more interest in the long run.


Make some temporary major cutbacks


To help you pay off your debts, it could be worth making some temporary major cutbacks. This could involve budgeting food and drink or using you car less in order to save money on fuel costs. The bigger the cutback, the more money you’ll save and the more you’ll be able to throw at your debts.


Sell unwanted possessions to pay off your debts


Many of us have clutter lying around in our homes that could be sold for extra cash. The money earnt from selling these items could go towards paying off our debts. Sites such as Gumtree are excellent for flogging second hand items locally without having to pay for delivery costs. You can also try hosting a yard sale, selling to a second hand store, attending a flea market or visiting a pawn shop.


Throw extra earnings at your debt


Extra earnings could involve competition winnings, work bonuses or birthday money. Rather than using these for personal treats, consider using this money to help pay off your debts. This will help you to pay off your debts faster. It’s money you never would have had originally, so you won’t feel as if you’ve lost anything.