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Four things you can do to get out of debt.

20 September 2019

A structured, disciplined approach can help you get out of credit card debt whether your balance is R30,000 or R300,000. Follow these four tips to get out of the red as quickly as possible.

1. Tally your debt

Before you start reducing your credit card debt, know where you stand. Ensure that you are honest with yourself about how much debt you have outstanding. 

2. Improve your interest rates

The quickest way to save big on your credit card bills is to negotiate a lower interest rate. If you can shave off even a percentage point or two, you can save hundreds as you pay off your debt.

3. Create a Budget

It’s time to take an ax to some of those expenses. The key is to be realistic: You’ll have to make some sacrifices, but you don’t need to live on bread and water. Track your spending from the previous six months to see what ‘non-essentials’ you can cut down on so that you can pay towards your outstanding debt. 

4. Track your goals

While you don’t want to spend every day fretting over your bills, keep an eye on your spending. You don’t want this to consume your life. It took you awhile to get into debt, and it’s going to take you awhile to get out of it.

If you feel that your debt is too high and creditors are on your back, contact us today for a free call back where one of our friendly agents can recommend a way forward to get you on track to live a debt free life