If you are keen to repay your debts, then you may get a bit stuck knowing how you should go about it. This is not a surprise as it is not always easy being able to work out what to do. However, there are things that you could try and it is well worth thinking them all through to see whether there will be some solutions which will help you.
Find Cheaper Debt
It can be good to start with looking around to see whether you can find cheaper ways to borrow the money. If you can switch to a cheaper lender then you will be paying less for the debt and if you continue to make the same repayments that you are now, you will repay it more quickly. You will need to check that you do not have to pay any sort of penalty for swapping to a different lender though. Some will change a fee for doing this so ask them first. You may also need to pay a fee for opening a new account, perhaps an admin fee, so check this too.
If you have any money saved up, then it can be a good idea looking at using this money to be able to repay your debt. It can be hard parting with savings like this because we often work very hard to save money and using it to pay off a debt can almost feel like a waste. However, it is worth thinking about the amount of money that you are paying out for the loan and the fact that you wont have to be paying out all of that interest and you could be putting the money that you were using to make repayment and pay interest into your savings account and soon replenish it.
Spending less money can be an effective way to have more money available to repay your debts. This may seem pretty bad, but there are two things that you can try that could help you. You could start by checking prices on everything that you buy to see whether you could buy cheaper alternatives. It is a good idea to think about value for money as you do not want to pay too little for things and for them not to be a good quality. However, you also do not want to pay more than necessary for things either. It can also be a good idea to ask yourself whether you need the items that you are buying. This can be tough because it can mean that you will have to think about giving up things that you really enjoy. However, you do not have to give up everything and it may just be that you delay buying things for a while until you have repaid the debt.
Earning more money could be an alternative to spending less or you could do it alongside. It could involve all sorts of things that you try to get more money. You could sell things you no longer need to raise some money, rent out a room in your home either for a guest or lodger or for storage or monetise your hobby in some way. Or you could be more conventional and work more hours, take on a second job, do some temp or freelance work or something online. There are different options, it is just a matter of finding one that suits you, the time that you have available and your skills. Hopefully, you should be able to find something which will work.