Managing you debts can be taken as a long term project to cure your finances
. Instead of losing sleep and drinking cups of anxiety acting on it would be a smart decision. It is never too late to work upon your mistakes and this is what you should be doing now. We understand that you dont really want to change your lifestyle but what is it worth with this everlasting burden of debts. You can look for professional help in the form of debt management services in worst scenario but for moderate debts you can consider these recommendations:
1. Budgeting: The most efficient method of spending money is to plan in advance. Make a tentative plan according to you monthly incomings. Buy all the supplies once, at the beginning of the month, this would be cheaper and you would make necessary spending already. You dont want to face a disaster by exhausting your essential supplies before the month ends. IT also helps you to prioritize items in a correct way.
2. Cost cutting: Look for opportunities in your lifestyle to save money. You dont have to compromise a lot, just downgrade a little. If you go to pubs frequently or eat out more often, drink and home and cook for yourself. You will get a healthier meal at cheaper prices. Just look for alternatives that are cheaper.
3. Dont borrow: Dont take any money from anyone. This is only going to make things worse for you. Taking loans should be strictly avoided. You might think that a loan will improve things for you but you will end up paying more every month than you were paying before.
4. Pay the higher bills: Start off paying the debt which has the highest amount or highest rate of interest. Try to pay a little more than the minimum installment. Following this it will take lesser time for you to pay back and you will end up paying less.
5. Talk with the creditor: Ask your creditor if they can offer you lesser interest rates. Tell them that you want to pay back as soon as possible and reducing the rates would help both the parties. You can also file IVA in case you are going to face bankruptcy. Back 2 Credit offers IVA Debt Advice in such cases.
For all sort of debt management plans uk Back 2 Credit is the perfect stop. They have been providing debt help Birmingham for a while now and excel the field of debt management.