There are many people that are in debt but would like to reduce how much they owe. Sometimes owing money is not a bad thing, perhaps when you have a student loan so that you can get more qualifications to get a better job or get a mortgage so that you can stop paying rent and own your own property. However, sometimes we can accumulate a level of debt that we are uncomfortable with or that we find difficult to manage and then it is time to think about how to reduce it.
Make sure that you are not accumulating debt before you start thinking about paying any off. You do not want to pay off one debt with another unless you can make significant savings this way. So do not make a big repayment on your credit card, find you cannot make ends meet and use an overdraft at the end of the month. This will be more expensive. Be sensible about what you are doing and you may find you need to stop using your credit cards, perhaps putting them in a drawer or cutting them up, to help you o
The easiest place to start is your savings account. Have a look and see if you have any savings that you can use to pay off debts. This can be hard as you may feel that you want those to fall back on or you are saving for something specific. However, if you pay off your debt with it, in most cases you will be better off financially. You can work this out by comparing how much you are paying out on your debt, in interest and fees and how much you are receiving on your savings. Normally you will be receiving