We have to admit that it is indeed very stressful when we are burdened with debts. We have to find ways to pay off our debts so that we will not face any legal proceeding. During the process, we must have positive thinking and patience so that we can face all the challenges and hardships optimistically. For those highly educated people, you may not need any professional assistance to solve your debt issues. All you need are strong determination and self discipline. It is possible for you to settle your due yourself. There are a few constructive options here.

Option 1: Debt reduction

For those who have fixed monthly income, you are advised to use this method to eliminate your debt gradually. There are 2 ways doing so. The first one is reducing your total outstanding slowly by paying off the lowest balance first whereas the second method is getting rid of those high interest bills first. Both ways are workable but highly depends on your monthly budget. Keep in mind that you still need to make minimum payment for the rest of the bills at the same time.

Option 2: Debt Consolidation

When you have multiple credit cards and you find yourself knee deep in debts, try to consolidate all your bills into one account. After consolidating all your accounts, you are required to make one affordable payment at one fixed interest rate which is usually lower than your current rates. Start making monthly payment accordingly within the time frame given.

Option 3: debt Settlement

If you are facing financial hardship such as losing job or undergoing medical treatment, you may try to settle your dues with your creditors. Since you are not affordable to make monthly payment, you are suggested to analyze your financial situation and negotiate with your creditors. Check how much saving you have and proposed to your creditors to settle your total debt at a reduced amount.

Last but not the least, the very initial step you need to take is canceling all your credit card accounts.

By: Jeslyn Jessy

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