We’ve all had to deal with loan repayment and we know it is never an easy thing. If your loans are as huge as a mountain and your earnings cannot fully pay the installments, then it is time you started looking for ways to reduce what you owe.

There are so many ways out there to easily reduce what you owe creditors. Sometimes being informed on the various ways to reduce your debts can mean the difference between getting rid of your debts and having to deal with huge debts. Remember on the other side of the creditors are people just like you that have invested their money with the hope of better returns from your interest. They too do not want to lose.

So where do you start?

This article will discuss five simple ways that can help you lower your debts with ease. Sometimes all that is required is the first step to get thing rolling.  Start at the top of the list and move your way down implementing these simple ways.

Negotiate with creditors

This is probably the first step in lowering your debts. Make a list of the debts you owe people and companies to have a clear idea how you much debt you owe people. The next thing is to have a look at your finances and figure out how much you’re able to pay.

Next, pick your phone and call each creditor letting them know your situation and how much you’re willing to pay. Some might agree while others might offer a hardship plan that has lower payments. If the customer reps that pick your phone are not ready to listen, go ahead and ask to talk to the supervisor. Make sure every agreement is done in writing on paper with the company’s letterhead before making any payment.

Even better, seek the services of a debt settlement company to make the calls for you and do all the negotiations.  Such companies can greatly lower your debts and offer you better payment plans. reviews how one of these companies work and how they can help you avoid going bankrupt.

This is a great step to lower your debts as such companies offer financial consultation on top of educating you how to avoid incurring huge debts in the future.

Consolidate your debts

Consolidating your debts with a debt consolidation loan is another excellent move especially when you have several small loans. Make sure you take a look at all your current interest rates and come up with an average.  You can then seek a consolidated loan with a lower interest rate. Once you get approved for the loan, pay all your other loans and focus on a single loan with a much lower interest rate.

When seeking a loan to lower your repayments, make sure you avoid loans with an extended long period as this would still mean paying more. If you get an excellent consolidated loan, then you can greatly lower what you owe.

Transferring balances

You can always get a balance transfer credit that has a lower interest rate than what you’re currently paying. However, this move will only work if you have a good credit score.  In certain cases, you can always good excellent rates or even use the introductory period to make payments that are free of interest.

Sign for a credit counselor

Credit counselors are skilled at negotiating the best interest rates.  Make sure you enroll in a credit counselor’s debt management plan. In most cases, credit counselors are non-profit.  They are usually excellent options that can also educate you on how to manage your budget and manage your money better.

File for Bankruptcy

This should be your final resort and only when you’re genuinely unable to pay what you owe. There are instances where what you owe might be too much to pay even with lower interest rates. This might be due to losing a job or a major source of income.

However, a debt-income comparison will be done first to prevent people from abusing this law.  You will also be required to take consumer credit counseling before you file for any bankruptcy.  Chapter 7 bankruptcy will wipe out all your debts while Chapter 13 will create a payment plan.

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Make sure you implement any of these simple ways that best works for you to easily reduce your debts and live stress-free lifestyles. Debts can be stressing and prevent you from achieving your goals and dreams if not managed properly.