It can be hard to imagine that you will be able to repay all of your debt at times, without imagining that you will have to make huge changes to your lifestyle. However, there are things that you can do which will not be huge changes and will still help you to reduce your debt. The more that you are prepared to change, the quicker you will repay the debt. However, you will still be able to make steps towards repaying it without having to make big changes.
Stop Borrowing Money
It can be a really good start to stop borrowing money. So, try really hard to not use your credit cards or store cards and stop using your overdraft. When you want things just use the money that you have rather than borrowing the money to do so. If you have lots of debt, it is unlikely that you will be able to get that much more and therefore you could find that you will be limited with your options anyway. However, as we repay debt it can be tempting to start using it again, so try to stop that temptation and then you will be able to be much more successful in repaying it.
Swap to a Cheaper Lender
It can be worth seeing whether you can swap to a cheaper lender. If you have a selection of debts then you may have to look at each one and see if you can swap. Make sure that you are comparing lenders carefully and that you are not just looking at the interest rates, but at other things that they might be charging for as well. Some may have fees when you switch from them and others when you switch to them as well, so you will need to take note of this as well. However, despite this, you are likely to find that you will be able to switch to a different lender and pay less money for your loan. This will mean that you will have less to repay as a result and the difference can add up over the months and years.
Repay a Little Extra
It might not be too difficult to pay just a little extra towards each debt. Even if you just pay a few pounds extra it will make a difference to the debt and the amount of interest that you are paid but it will not make a bit difference to you. It is worth thinking about whether you will be able to do this and therefore benefit from being able to pay your debt off more quickly. Think about whether you normally have a little money left at the end of each month and whether you will be able to use this towards repaying some of your debts.
Try to Pay Less for What you Buy
It is also worth trying to pay less money out for the things that you buy all of the time. It is not that hard to switch suppliers, providers, retailers and brands to cheaper ones and for many of the swaps you will not even notice any difference. For example, switching electricity provider can save money but the electric that you get will be the same. Then if you make a selection of swaps, you should find that you will not be paying out so much money. That will allow you to have some money available for paying off the debt and you will not have to give up buying anything. The more things that you can swap for cheaper one, the quicker you will be able to repay the debt.