Debt can be a very scary thing. Not only do you not have the financial freedom that everyone desires, but you’re also on the hook to lenders for money that you don’t actually have. This can create an untold amount of stress and anxiety in your life, especially if you aren’t sure how you’re ever going to pay the money back. Luckily, there are a lot of resources out there to help those in debt become more financially educated and navigate their debt. So to help with this endeavor, here are three more ways you can manage the debt you currently have and pay it off as fast as possible.

Try Negotiating with Lenders

While you may think that the amount of debt you have is undeniable, you actually can attempt to negotiate regarding your debts with lenders. Dana Dratch and Karen Haywood Queen, contributors to CreditCards.com, share that while this is possible, it’s not always easy. Negotiating your debts down requires you to create a repayment plan or restructuring of your loan that you can handle and then convince your lender to agree to the renegotiation.

To do this most effectively, Dratch and Queen suggest being ready to haggle with your creditors and to get everything you agree upon in writing. By doing these two things, you should find yourself on firmer footing with regards to the principal amount of debt you owe.

Finding Other Sources of Income

Once you know exactly the amount of debt you owe, it’s all about coming up with a budget or plan for paying back the money. For people with very little income or flexibility within their current budget, GrowingSlower.com recommends two ways to bring in more income: selling off items you currently own or earning any amount of income on the side of what you’re already making. While these two options aren’t always ideal, they are great ways to get more money to put toward your debts if you’re truly serious about getting out from under this burden fast.

Use a Tried and True Repayment Method

Depending on the type of person you are and the status of your debts, you may want to try using a tried and true method for quick and easy debt repayment. According to Joel Lee, a contributor to MakeUseOf.com, there are three main repayment methods that have been proven to work at getting rid of debt fast. These methods are known as the Avalanche Method, where you pay off the loan with the highest interest rate first; the Snowball Method, where you pay off the debt with the lowest amount of money still owed first; and the Windfall Method, where you put any and all excess or unexpected money toward your debt. If you haven’t tried any one of these yet, consider beginning to use one of these methods now.

It is possible to manage and even pay off your debts regardless of how much money you owe and how much money you’re making. As long as you’re determined to become debt-free, you can make it happen. Use the tips mentioned above to help get you there fast.

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