I wish I could tell you there is an easy way but that would just be misleading you. It is much harder to get out of debt than to get into it. It is unwise to borrow your way out of debt - It's a kind of a con as you end up paying more.You don't say what kind of debt it is. If it is on a credit card, then you CAN borrow cheaper elsewhere to pay off the card, but please take proper advice as it is easy to go wrong.There is no trick to getting out of debt. It's a slog, doing the bleedin' obvious like never spending more than your income and not buying anything until it becomes absolute top of your priority list. You have to prioritise everything. Like I said, boring as hell but effective. You have to budget for everything you need to buy, including something towards paying off your debt.If you really cannot pay off the debt in the time scale you agreed, you need to talk to whoever you owe to agree some sort of payment scheme you CAN stick to. It could affect your credit rating and, of course, they don't have to agree to let you pay it off over a longer period. It might be worth getting in touch with a debt counsellor through the Citizens Advice Bureau. Good luck.
|