Debt is one of those things in life that has a way of creeping up on you. You use your credit card here and there for essentials, and before you know it, you’re buying almost everything with credit, and you’re in a tough spot. Sound familiar? The important thing is not to panic and to remember that debt does not have to be a life sentence; then read on, and get some help.
Face the numbers head-on
Okay, so before you do anything else, you are going to want to stop hiding your head in thesand, and figure out exactly how much it is that you owe. That means listing every credit card, loan, overdraft, and payment plan. Include interest rates and minimum payments. No guessing, no rough estimates.
It can feel scary to see it all in one place, but clarity is power. Once you know the full picture, you can start making informed decisions instead of reacting month by month.
Create a realistic budget
Next, you are going to want to put together a budget that is as realistic as possible because you still want to have an enjoyable life while getting debt-free, right? A realistic budget accounts for essentials, debt payments, and a small amount of breathing room so you do not burn out.
Look at where your money is actually going. Subscriptions you forgot about, impulse spending, small purchases that add up over time. You do not need to be perfect, but tightening up even a few areas can free up cash to put toward your debt.
And when you do make progress, even small progress, acknowledge it. It matters.
Prioritize strategically
There are two common methods that people use to clear their debt. There snowball method, whereby you focus on paying off the smallest debt first to build momentum, and a method whereby you pay off the highest interest debt first to save money. Neither is right nor wrong – it just depends on what suits you.
The important thing is choosing a strategy and sticking to it. Consistency beats intensity in this situation. Throwing every spare dollar at one balance until it is gone can feel incredibly motivating.
Consider your bigger assets
In some cases, debt becomes so heavy that you need to look at bigger solutions. That might mean refinancing, consolidating, or even selling an asset to reset your finances.
For homeowners who feel trapped by mortgage arrears or mounting bills, companies like John Medina Buys Houses offer options for selling quickly without the traditional listing process. It is not the right move for everyone, but exploring all available routes can help you regain control rather than feeling stuck.
Sometimes stepping back to make a bold decision is what allows you to move forward.
Increase your income where you can
If you can earn more money, you canpay off more of your debts more quickly, so whether it’s a promotion, freelance work, or a side hustle business, see what you can do to make more.
As you can see, no matter how much debt you’re in, there are things you can do to get your finances back on track, so what’s stopping you?
Money-Smart Millennials 
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