Are your finances stuck in a rut? Are you wondering how are you ever going to get yourself out of this frustrating financial state? Fortunately, there are debt relief strategies that can help you get your finances in order and get you back on the road to financial freedom.

Here are some debt relief tips to help you stay ahead.

Take a day off

Sometimes it can just get all too much. We are only human. A clouded mind won’t help you make smart financial decisions. Take some time off. Find a park, a waterfall or your happy place. Spend some time clearing your mind. Log out of Facebook, put your phone on airplane mode and whatever you do; don’t look at your bank account!

Reflection can help to clear your mind and allow you to rethink about your finances in a more positive light. Take a notepad and write down your thoughts about debt. Evaluate your financial decisions and create a list of short term and long term goals. Whilst it may seem difficult to take time off, especially in a tough financial state; it may actually do you the world of good.  It can also help you gain a realistic perspective of your current financial concerns and fears.

debt relief strategies

Write down your assets, liabilities, and other pressing concerns surrounding your finances.

A great debt relief tip is to document your financial state. If you are married or living with a partner, writing down all your financial issues can help you talk about sensitive financial issues without getting into a lengthy argument. Prepare the bills; write them down one by one-including their interests, due dates, late charges and other matters that need attention. Then, create a budget together-or propose one if the other spouse or partner is not so into budgeting. Exchange opinions on the matter and work on a budget that would fit both of your lifestyle and financial goals. Budgeting tools are available online. They help you keep track of your finances and better manage your cash flow.

Evaluate your financial plans

How do you want to live? It’s a no brainer that no one wants to live from paycheck to paycheck or end up in a multitude pile of debt. That’s why debt relief solutions are so tempting for borrowers. But before you seek debt relief, do some brainstorming to get a clearer perspective of what you want to achieve in life. Make specific plans for reaching your goals.

couple evaluating finances

Look for alternative ways of paying off your debt

In theory, the answer to debt relief is pretty straightforward. The more money you put towards your debt, the quicker you will pay it off. Whilst budgeting can help you pay off your debt more effectively; you need to have the cash flow to pay it off. In today’s tech-driven society, it has never been so easy to make an additional income. With services such as Uber Eats, Airtasker, gumtree, and eBay; anyone can make extra cash. You can deliver food via uber eats, build a flatpack from IKEA for someone or sell your PlayStation on gumtree for cash. Now, this is by no means the “Easy” way out. You need to be determined and motivated to work hard. The extra cash, however, can be extremely useful in quickly relieving your debt.

Stop creating more debt

Whilst this debt relief strategy won’t necessarily get you out of debt, it will ensure that you are not piling on more debt. Adding on more debt to your existing debt will only make you worse off. So if you are tempted to add another credit card to help pay off your bills; don’t! Rather than securing more credit, freeze your card or cut it up.

debt relief through cutting credit card

Compare debt relief solutions and choose one that best suits your financial situation

Debt relief solutions may assist in giving you that extra boost to get things rolling. Alternative lending agencies such as the Australian Lending Centre offers a variety of debt relief options. These debt relief options include;

Debt consolidation:  You can combine all your existing loans into one big loan. This way, you can lower the interest rates; get affordable terms and easy-to-manage monthly repayment plan.

Mortgage Refinancing: Repay your current home loan using new or second mortgage to enjoy lower interest rates, a favorable term, or a lower monthly payment.

Debt Agreement:  Try negotiating with your creditors to reduce your debts. Who knows? Maybe they can forgive some of the penalties to make your payment manageable. ALC also negotiates a favourable agreement with your creditors or loan providers to reduce your debt or make your payment requirement more affordable so you can quickly repay your debts.

Credit card debt relief: Consolidate credit card debts to save on penalties and interest rates. ALC’s credit card relief program allows you to pay off high-interest credit card debts and transfer the loan amount to another low-interest loan or credit card.

Debt relief is achievable. You need to be determined to get your finances in check. Fortunately for you, there are a plethora of services that are available at your disposal. With smart budgeting, determination and a clear mind you can quickly regain control of your finances.