you found yourself in a bit of financial trouble? You’re not alone. In 2019, the
average household debt in the UK reached a record £15,385 per person, while the
total credit card debt for the nation now sits at £72.1 billion. Many people
are finding themselves unwillingly spending more than they earn, using credit
to bridge the gap.
can happen for many reasons, be it a series of unfortunate events, a car
accident, unexpected home repair, job loss or illness. These situations can
become a regular source of anxiety, but there are solutions. To help you
improve both your bottom line and your mood, here are 5 ways to get out of
financial trouble faster.
Pay More Than the Minimum
it’s a mortgage, credit card or a student loan, one of the best ways to get
them out of the way faster is to pay more than the required instalment. This
will not only speed up the process, but also help you save on interest in the
long run. Before you get started, be sure to check whether your loan charges prepayment penalties.
Start a Side Hustle
don’t need to work a second job to add digits to your income. We all have some
sort of talent or skill that can be monetised, whether it’s an advanced skill
like programming or something as simple as cleaning houses. If you can’t think
of anything right now, consider becoming an Uber driver or renting out a spare
room on AirBnb.
internet is naturally a great place to start. You can flip items on eBay, sell
your services on Fiverr, tutor scholars over Skype, start your own blog, walk
dogs on Wag or complete odd jobs on TaskRabbit. There’s plenty more out there
to discover, so don’t hesitate to dip your fingers into the world of online money-making
Take Out a Loan
financial obligations are best met as soon as possible. But if you don’t have
the money, that can prove challenging. And while there are many ways to borrow
money, most have a hefty interest rate attached to them. Fortunately, there are
exceptions. For instance, this website offers affordable short term loans
with flexible borrowing options.
Rethink Your Budget
sure-fire way to get out of debt faster is to reduce your expenses as much as
possible. This can be done in countless ways. Start by rethinking your
budget and identifying where you can cut costs. You may have to go as far as
making a bare-bones budget, which is devoid of unnecessary extras like fast
food, entertainment and other luxuries.
Negotiate Your Bills
on the topic of cost-cutting, one solution that most people overlook is
negotiating your monthly bills. For instance, if you have a solid payment
history, you might be able to negotiate the interest rate on your credit card
with the issuer. The same applies to other services, such as your phone bill
and monthly subscriptions.
Regardless of what type of financial trouble
you’re in, there is a way out. With the right steps and enough persistence, you
can build yourself a debt-free future.