5 Ways to Get out of Financial Trouble Faster

Have 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.

This 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

Whether 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

You 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.

The 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 opportunities.

Take Out a Loan

Some 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

A 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

Staying 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.

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