In the current climate, living costs seem to be continually on the rise: utility bills have increased, job losses are common and pay freezes are more prominent than ever before.

All of this has led to higher levels of personal debts for Brits who are already struggling to cope with the current economic situation. As this situation is not set to improve any time soon, there are a few things consumers need to consider to help lower their debts to a more manageable level.

Minimum is not enough

If you are ready to stamp down on your debt then you need to break the habit of paying the minimum amount for repayments. The longer it takes you to pay back charges the more interest you can incur and the harder it can be to become debt free. If you have cash left over at the end of the month then use it effectively by repaying outstanding charges sooner rather than later.

Roll your debt payments into one

If you have a number of credit cards or debts then review the payments and identify the one with the lowest interest rate. If you haven’t reached your maximum credit on the card then you should transfer a high interest bill onto it.

This is one way of consolidating your debts into one product. Whilst this won’t necessarily lower your debt it can help you to manage the payments more easily.


Everybody wants to keep hold of their savings but if your debt is quite severe then it could be in your best interest to use some of them on repayments. Clearing debts can put your mind at ease and give you a solid financial platform from which to begin saving – making it highly attractive. Make sure you retain some of your savings, however, as these are a vital part of your future financial security.

Short-term loans

If you find you are struggling with payments one month, short term loans could help. You can be granted loans in cash to give you direct access to the money you need. This can help to bridge the gap by generating an additional cash injection when you need it most.

Quick cash loans can also help you to cover other small expenditures which you may face at any time, helping your money to stretch further during difficult months. Multiple repayments can be made to distribute the cost of these loans more evenly, helping you cope with debts more effectively.

Reduce your debt

It is crucial that you devise a solid repayment plan and stick to it regularly. This can help you to become more financially secure, thus providing you with a stronger financial position in the future.

Remember that there are plenty of options available if you find yourself struggling to cope with your expenses and the earlier you address these problems the easier they will be to resolve.

By Jasmina