Being in debt can feel like a life sentence for many, with endless bills and limited opportunity to improve or better your situation. However, there are plenty of practical steps anyone can take to reduce their debt burden and regain their financial well-being. Our suggestions demonstrate some ways that anyone can improve their life by reducing their debt.
Comparing the market for better deals
You might hate the novelty toy or singing buffoon adverts, but people can and do save serious money on their car, home, pet and other insurances by using these sites. Five minutes spent reducing your essential bills can provide you with money to help reduce your debt. Just remember to cancel the old bills straight away, and ensure the money saved goes to paying down debt.
Shop around for utility providers
Cable, phone, gas and electric services are all effectively cartels. But you can find better prices by shopping around, either with your existing provider for a better tariff – threatening to leave is always a good way to reduce your bills. Alternatively, move to an introductory offer at a new provider and then move again when that runs out.
Check for old direct debits
With money tight, you might not feel like weeding through your bank statements for a grim reminder. However, many people can find the odd direct debit charity donation, old small bills that are still paying out and other quirks that can be cut to help reduce your outgoings and pay off debts faster.
Consolidate your existing debts
This old chestnut remains one of the easier ways to reduce your immediate debt payments by spreading them out into the future. Many banks are happy to cooperate as it improves the chances of them getting their money back, and will keep you as a customer.
Make money from the second-hand market
Incredibly, the amount of valuable stuff out there is remarkable. People often sell valuable furniture, antiques, collectables and technology goods for a song online, at car boot sales or flea markets, or even give them to charity shops. Buying these on the cheap and selling them for their market value is one way to start generating extra income to help pay off debt.
Work online for cash
Many people are finding extra income from working online. From typing in old data and transcribing meeting notes or reports to creating graphics, writing online content and even reviewing products, there is a world of quick and easy jobs you can do from your home office. Just make sure you choose a reputable service to work for, as there are plenty of cons to be avoided.
Sell gold jewellery and other valuable items you could do without
Many homes have boxes of stuff in the garage, attic or old valuables tucked away in the backs of drawers. Going through your old jewellery, technology, kitchenware, tools or old collectables can provide an instant source of money to help pay off debts with. Use collectors’ markets or posh pawn shops to get the market rate for your valuables, rather than risk selling them privately.
Want to sell your gold, silver, platinum and / or diamonds?
3 easy ways for you to get great value for your gold, silver, platinum and diamond jewellery.