Do you need help managing your debts?

Are you controlling your finances or are they controlling your life? If you’re struggling to get out of debt, you may need some debt assistance.

In today’s borrowing society, it’s easy for finances to get out of control. Credit card debt can quickly mount as can overdrafts and store cards. Financial debt from loans like student loans, car loans and home loans becomes a way of life. Juggling all the costs of debt can feel like an increasingly challenging task.

If you feel that your finances are getting worse instead of better, it could be time to call for help. There are a few smart strategies to try that will provide some debt relief. If you’re ready to start tackling your debt, try these simple tips.

Understand your debt position

If your debt is spread across multiple types of borrowing, you’re probably dealing with different repayment requirements and varying interest rates. You may not really know how much you have borrowed or how much you are repaying.

Start by totalling up all the debt you have—adding it up will help you explore options for paying it off at a later stage. Now review all your repayments and interest rates so you can see exactly how much your borrowing costs.

Once you understand the structure of your debt, it may also help to review how much you are repaying every month and how much of that are interest charges.

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This content is shared by One Partner Ltd for AA Finance