Stop Your Debts from Spiralling

There are few feelings worse than the feeling you get when things keep going wrong, and you keep having to spend more on the credit card or take out loans to put it right. It only takes one financial emergency to send you spiralling out of debt and struggling to stay afloat, as many of you will know.

The good news is that, no matter how deep in debt you are, it is possible to escape the debt spiral and start living a more financially sound life once again. Of course, it is much easier to get into debt than out of it, most of the time anyway, but the following should help you to get it right:

Cease Spending

Obviously, you’ll still need to feed and clothe your family and keep a roof over their heads, but if it isn’t essential, stop spending now! It sounds obvious, but so many people fail to take this very simple first step, thinking they’re already so far in debt that a little more won’t matter, that it’s worth stating. I mean, obviously those people are wrong and the more you spend the worst things will get, so give up the credit and only spend your own money on the essentials right now.

Target Your Most Expensive Debt

If you want to end this spiral, you need to be smart about paying off your debts, and that means tackling the debt that’s costing you the most, in terms of interest, first. Pay more than the minimum off this debt, even if it means you can only pay the minimum on cheaper debts and you’ll find that you clear them all faster, and at a lower cost to you, anyway.

Consider Consolidation

If you have a lot of expensive debts and they’re getting difficult to manage, can help you to consolidate your debts into one much more manageable payment. This should help to relieve some of the stress you’re feeling right now.

Cut Down on Regular Expenses

Whether it’s your Sky TV bill, the cost of running your smartphone or even a magazine subscription like the ones at, that you could do without, although the amount it’s costing you might not seem like it’ll even make a dent in your current debts, think long-term. If you cut that £60 Sky bill that’s £720 a year you’ve saved – that’s a lot! So, cut out all of those unnecessary recurring expenses and use them to pay down your debt. It’ll happen faster than you might think.

Change Your Lifestyle

If your life has spiralled into debt, then it is almost certainly worth examining the way you and your family live and looking at any lifestyle changes that might benefit you. Are you a two-car family? Could You do with one? Do you shop for fun? Could You take the kids to the park instead? There are literally dozens of changes, big and small; the average family could make to their lifestyle to save money, pay down debt and still have a fun-filled, happy life – you need to determine what yours are.

If you take these steps and you keep on keeping on, eventually (much sooner than you think), your debts will be under control, and you won’t have to worry again.

*collaborative post

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