Taking steps to reduce debt can subsequently positively impact other important factors such as fighting individual stress and family troubles that stem from money issues. The holidays can be especially stressful in the financial department due to the fact that many people will be out of work due to the holidays thus limiting their potential income which can force them onto a low budget. There are many post-holiday debt reduction strategies that can be implemented as a means of reducing debt and financial worry and the stress that consequently comes from it.
Extra hours at work or a second income
Having more money is naturally a great way to reduce debt following the holiday season. If more money is coming in then more money is going towards paying bills and paying off debts. Consider requesting to take extra hours at work based on person conversations you have with your higher-ups explaining your situation. Find out if any additional jobs can become available to you and subsequently, more earning opportunities. You could also consider taking a second job for a second income, or even seeking work-from-home opportunities.
Negotiations and pleas
In many cases, debt companies and banks with which you are overdrawn or have outstanding fees to pay will not care about your current situation. However, given the current state of the financial world, they are becoming more and more lenient in regards to alternatives and payment methods. This can only be done by speaking to the company that you have outstanding payments with. Negotiate with them for lower payments over a longer period of time or even to halt your payment for the time being until you get back on your feet. Sometimes this can work, other times you may not be so lucky.
Professional help and advice
In the event you are struggling to pay your debts and outstanding payments following the holiday season, there is help out there for you. Look for professional companies that can help reduce your debt or extend the length of your payments in favour of paying less each month. They may also help you get rid of your debts completely in a variety of different ways such as working towards a five year debt-free goal, paying as and when possible and more.
Debt is not the end of the world but it certainly is something that can induce huge amounts of stress and can severely lessen the quality of life by not only voiding you of luxuries, but also in some cases, necessities, not to mention of cause the regularly harassing phone calls from debt collectors demanding money. Take action rather than ignoring it. Take extra hours at work or find a second income to get more money and pay your debt faster, consider negotiating with debt companies for less stressful alternatives and if all else fails, consider professional advice and services that can reduce debts for the better.