Does it seem so impossible to stretch out your monthly salary and spread them over your voluminous debts?  Are your debts decreasing after cashing out most of your income to it? It is just so frustrating to see monthly bills go up because of the interests and penalties applied on unpaid balances, isn’t it?

Paying off debts can be very weakening as you do not have a choice, but to live a paycheck to paycheck kind of lifestyle.  However, you still have a good chance to escape from your debts.  This can actually be resolved through a couple means.  One is by increasing your income, and the other one is to reduce your debts.  These debt solutions may not have a major and long-lasting effect on your finances, but they can surely help lighten your burden.  Let’s go through these debt solutions one by one.

1. Increase Your Monthly Income

By increasing your monthly income, you can make bigger payments on your monthly bills.  However, some of you might think that it is not easy to earn extra income, especially these times when the economy is unstable.  If you have this kind of thinking, I have to say that I beg to disagree because there are actually so many job vacancies that are waiting to be filled up.  Try to look at the Internet alone, there are thousands of them.

2. Reduce Your Payables

This debt solution, of course, can’t be realized without the help of your creditors or debt settlement or consolidation companies.  If you really can’t afford anymore to pay your debts, you can approach your creditors and ask them to reduce the principal amount of your debts as well as their respective interests.  You should know the right things to do so you’re be sure to get a positive response.  But if you have no idea of what steps to take, you can just simply ask for the assistance of debt settlement companies.  Just make sure that you choose a reputable and trustworthy company that can help you resolve your debt problem.
Getting in touch with your creditors is also an effective step that you can take.  Most credit providers will appreciate it if you talk to them and inform them of your current financial situation.  Some of your creditors might even suggest a better payment option or scheme that is both favorable to both parties.