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What do you do if you have a ton of debt?

By Andrew Vasquez |

What to Do When You’re Drowning in Debt

  1. Get on a budget.
  2. Cut back on the “extras.”
  3. Pause all investing.
  4. Don’t take on any new debt.
  5. Increase your income.
  6. Start working the debt snowball.
  7. Stop the comparison trap.
  8. Start (or keep) working the Baby Steps.

How can I get help paying off debt?

Here are 12 easy ways to pay off debt:

  1. Create a budget.
  2. Pay off the most expensive debt first.
  3. Pay more than the minimum balance.
  4. Take advantage of balance transfers.
  5. Halt your credit card spending.
  6. Use a debt repayment app.
  7. Delete credit card information from online stores.
  8. Sell unwanted gifts and household items.

What can I do to get out of debt?

If you have lots of debts and are struggling to pay, there are things you can do to help you get out of debt. You might be able to talk to your creditors and arrange a way to pay them, or make a formal agreement called a ‘debt solution’.

What to do when you can’t pay your medical debts?

If your medical debt has caused you to incur other types of debt that you’re also struggling to pay, try using the American Fair Credit Council. This organization can help you find a reputable debt-relief company that can help reduce your principal balance and/or the interest rates on your debt to help you pay it off and restore your credit.

What should I do if I don’t have enough money to pay my priority debts?

If you don’t have any money left after paying your priority debts and living costs, or you only have a small amount, check if you can increase your income. You should also check if you can reduce your living costs. If you get a DRO, you won’t pay anything towards the debts in the order for 12 months.

Is there any way to get free debt advice?

Much of the info won’t be applicable, but it’s worth scanning through for anything relevant. It may allow you to meet your minimum outgoings and thus avoid your crisis snowballing out of control. Then access free one-to-one help available. The reason this guide doesn’t cover crisis solutions in detail is simple.