Student loans, personal loans, mortgages, credit cards. Debt comes in many different forms and it affects people in different ways. Getting out of debt takes time and it takes effort, and it’s not always easy to see that there is an ending to debt. In fact, some people don’t believe they’re ever going to get out of it and end up citing bankruptcy so that they can have a clean slate and start again. Taking control of your financial situation and getting yourself set up for a more positive financial future is a must.

There are articles out there by Alex Kleyner that talk about debt in a way that stops the stigma from people feeling like a failure because they have debt. Given that debt comes in so many different forms, it’s never something to feel like a failure over. With that in mind, let’s take a look at some strategies that you could use to get out of debt and find yourself back on an even and less pressured footing.

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You need a plan.

Instead of beating yourself up about debt, you need to have a plan and write down a list of all of the debts that you have in order from smallest to largest. Once you do that, you can learn to snowball your debt and use the domino effect to knock down the smallest ones fast.

Don’t borrow from Peter to Paul.

If you use your credit card, which you’ll owe money on, to pay a bill which is overdue, you’re not going to solve your debt problem. You’re simply just shifting the location of the debt. It may be a bit of a hit to your ego, but calling up the creditors and explaining your problems will help.

Many people don’t know that creditors will often extend your deadline or give you an interest free period to help you to repay your debt. You won’t know that yourself until you speak to them in person.

Consolidate.

If you have multiple debts and you’re able to get a consolidation loan, it’s a good idea. This way you can pay off every single small debt you have and only owe one amount to one creditor.

Call your bank to see if they can help you reduce your interest rates and provide you with an interest free period to get back on top of your money situation.

Start shopping with cash.

If you’re having a problem with your credit card, then stop using it. Start shopping with cash instead and start using money to buy only things that you can afford. You can’t overspend and owe someone else if you don’t have the money there to do so.

When you turn money back into something physical, your spending habits will change too, because you have to view the cold, hard cash leaving your hand and going into somebody else’s pocket.

Slow down on what you spend.

It’s nice to go shopping and treat yourself, but if you don’t have the money to do so, you’re not treating yourself in the long term. Treat yourself by saving your money where you can and stop spending outside your means.

It’s nice to live in that world of Instagram famous people, but all of them are likely to be in debt and owing to somebody else. You don’t have to be one of them.