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Struggling to get on top of your debt? Here's how to get on top of it

by , 09 June 2015

In an ideal world, you'd have enough money to pay for everything you need in cash, including your home. But for many people, debt ends up becoming part of their everyday lives.

Yes, the majority of people need to borrow from the bank to buy a property, but you should be wary about other debt you take on.

So what if you're struggling with the debt you already have?

Read on to find out how you can resolve your debt issues…


The key to living without debt is living within your means


You should view debt with caution. Debt can be dangerous and if you don’t manage it properly, it can result in severe financial problems.

Living well within your means is the best way to learn to live without debt and to tackle the debt you have.

For example, don’t take out a loan to buy a car that you can ill afford. In the long run, it costs you money and all the time the car is losing money.

Try to live life without your credit card. When it comes to buying food and clothes, use your debit card. Don’t buy it unless you can afford it cash.
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Put together a monthly budget to account for all your spending on necessary items like bills, fuel, food, insurance etc. You should put any surplus towards paying off your debt.

If you’re struggling with your bond repayments, it may be time to consider buying a cheaper house. This will reduce your monthly bond payments. When you financial circumstances improve, work on paying off your bond.

This will save you thousands in interest.


Paying off your debts


If you have a lot of debt on credit cards, store cards or short-term loans, start paying off the most expensive debt first. In other words, the one with the highest rate of interest.

This is likely to be your credit card or store cards.

Once you’ve prioritised your debt, drive your spare cash into clearing them. Think how good it will feel once you clear the last of your debt on your credit or store card.

Don’t be tempted to start using these cards again. Lock them away or destroy them.

By living well within your means, you can live a life without debt and avoid the stress that comes with it. Then you can start putting your money to work in investments and having a sum in the bank to cover any emergencies.

So there you have it. How to get on top of your debt.

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