In order to solve your debt problem, you must keep a proper record of your financial situation. You should be able to have figures on your revenue and expenditure so that you will be able to plan effectively. Book keeping is not reserved for companies or organizations alone, it is a tool that you can use to organize your finances and get out of debt.
Moreover, you can negotiate a lower interest rate or principal balance with your creditors, even if you have not missed payments or aroused their anger. By negotiating a lower interest rate, you will be able to prevent the debt from increasing. There is nothing bad in calling your creditors and ask if they could offer you either of these benefits so as to have the opportunity of reducing the burden of that debt significantly.
Since the quickest way to solve a debt problem is to have enough money to pay it off, if you have other sources of income, you can use them to settle your debt. You can make use of your investments or savings to pay part or the whole debt. This option is ideal in a situation whereby you are paying a high interest rate, as early settlement will ensure that you will pay less interest. It is better to pay off early with a low interest rate than delay the payment which can lead to the payment of a high interest rate.
It is very important for you to be financially disciplined so that you don’t get yourself into debt over and over again. You should live on less income than you earn because buying on credit encourages you to spend more than you earn. You should try as much as possible to avoid spending money that is not really yours, while you should see your credit card as a loan and not money in the bank. As a result of this, you should only use it on emergency situations and not to purchase things that you are not able to pay for.