Debts can be a real thorn in your side if you don’t tackle them head on. Leaving the interest rates to mount up and payments increase each month not only means you are lining the pockets of the banks and companies you owe, but you are also starving yourself of disposable income that could be saved each month. It can be a scary prospect to look at your debt and try and improve things. However, it is easier than you think once you get stuck into the information and advice available. So without further ado, here are some of the ways you can get on the path to be debt free.

Tackle the credit cards

Credit card debt can really add up if you are not careful. Often it isn’t even because you are spending on them each month, but more to do with the high-interest rates that get applied to the balance each day. Some people have multiple credit cards but only pay out the minimum to each every month, but before you know it, a good chunk of your disposable income is spent on those payments. A great idea would be to consider consolidating those card amounts into a loan. This enables you to have one payment with one lot of interest, and a plan to pay it off in a set amount of time. Just don’t spend on them once you do it. If a loan isn’t an option, then consider paying off the one that is costing you the most. Focus on paying more to that card each month to help you clear the balances once and for all.

Go back to your student days and handle those loans

College and university can be some of the best memories you have, but of course, throughout your studying days, many people inherit student loan debt to get them through their studies. They may not be causing you too much grief, but loans to several different companies can still mount up. This is why it might be worth checking out some of the best companies for student loan consolidation to see if you can make any savings to your monthly outgoings. Every little amount saved helps.

Don’t hide in your overdraft each month

Although you may not be thinking an overdraft is a concern, it is still a debt that you pay into each month. Some people don’t realise that many bank providers charge you for using it each month with an interest charge that accumulates daily. While it may be difficult to get out of your overdraft straight away, focus on saving any extra disposable income and slowly but surely you will start to get out of the red and into the black.

Cancel those store cards and catalog limits

Finally, store or catalogue accounts can be a real temptation. Especially if you really want that clothing item or electrical product. But these are the lethal debts that can stack up with huge interest charges. So clear the balances once and for all and cancel those cards. Getting rid of the temptation will help you in the future.

I hope these tips help you get on the road to becoming debt free for good.