Published On: Sun, Dec 17th, 2017

Four Ways You Can Reduce Your Debts In 2018

Debt can be a big burden on our daily lives. It’s that rain cloud that can constantly sit above our heads. A constant reminder that we have bills to pay and things to pay off. It can get you down when it comes to your finances. Debt can quickly spiral out of control if we are not careful or being smart with our money. So I thought I would share with you some of the ways you can reduce your debts. Maybe getting rid of that rain cloud once and for all.

Four Ways You Can Reduce Your Debts In 2018



Consolidating all existing debts

Depending on your financial situation, you may have various debts to different companies. These could be credit cards, loans or a mixture of the two. Paying different payments to each one means you are paying different sets of interest rates. Which is the portion that is costing you the most money. While there will always be an interest fee to pay you can look to reduce your overall spend. You can do this by consolidating existing debts. Consolidating the debt means you have one payment, with one lot of interest and may even mean you can afford to pay more off each month. Websites like could prove to be very useful to help you do this. This means you could reduce the debt much quicker than you would be paying separate payments off to different companies because you have a plan in place to pay it off within a timeframe.


Sacrificing the luxuries to free up more money

Sometimes consolidating may not be an option so you have to consider other ways to increase the amount you pay. Sacrificing some of the things that cost you money to free up extra income to pay off those debts quicker. This might mean as little as paying for lunch each day when you can take it in. Or sacrificing a weekly take out. Your financial situation will much improve once the debt has gone away so there will be plenty of times to buy lunch out and enjoy take out food.


Balance transferring to cheaper rates

Another option of consolidating would be to consider cheaper rates elsewhere. Sometimes credit card companies can offer a 0% interest rate for a period, meaning what you pay is what gets paid off. There is mostly always a percentage fee to pay, but overall this can save you a lot of money. Balance transferring things does mean another credit search, so make sure you check out your credit score to see what kind of position you are in.


Paying higher payments to reduce the debt amount

If you can afford it then why wouldn’t you pay more money off your debt? It seems like a logical thing to do, but most of us would rather keep our money in the bank than reduce our debts. Debt will always be costing you money each day in the way of interest. So paying it off sooner will save you money. If you can afford it then make sure you pay off more of your debts as and when you can. Your account will look much healthier for it in the future.

I hope this has offered some insight on how to reduce your debts.



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  1. […] use that income to be the thing that you save. But if that isn’t an option for you, then your savings and financial freedom plan needs to come from the money that you already have coming in. Where does your money currently […]