Most people today will have at least some form of debt. This may be in the form of student loans, mortgage repayments, car repayments, and then, of course, credit card debt, and so on. Living with debt has become a regular way of life, but if you aren’t careful, those repayments can quickly tip over into something that’s simply unmanageable.

The worst is when those unmanageable payments come from things completely out of your control, like interest rates. Having a mortgage you can afford tip into something you cannot afford can feel like absolute whiplash, especially if you have other repayments to make.

If you feel like you are drowning, know that you aren’t alone or entirely out of options. Rather than tread the water, try out these top tips to help you get a firm grip on your debt so that you can once again live comfortably. 

Refinance Your Debts

One of the best and easiest ways to get on top of out-of-control mortgage or debt repayments is to refinance your debts into a new arrangment. Sometimes, this will be best done through your current lender as they will be best aware of your circumstances and your ability to repay, though more often than not, you’ll need to shop around once again.

Refinancing is one of the primary personal loan options from hard money lenders, though, unlike other loan options in the list, the refinancing option doesn’t have to be short-term. Instead, you take out a new loan with new and more agreeable terms and use that loan to pay off your current debt. This can work with re-mortgaging or even consolidating debts.

Lower Your Living Costs

The best way to maintain a similar lifestyle without feeling the pinch of debt is to downsize. Downsizing can mean moving further out so that you can maintain the size of your home but with lower costs. It can mean going from a house to an apartment. In some cases, yes, you will find it prudent to start canceling memberships and subscriptions, especially if you aren’t getting your money’s worth out of them. Going through all of your finances with a fine-toothed comb to help identify where and when you can start cutting back on spending is a great way to free up your income to be better put towards managing your debt and going into your savings.

See if You Can Get Certain Debts Forgiven

Some debts can be forgiven. Student debt, for example, can be forgiven in a variety of circumstances. If you work in the public sector and are in the green in making regular repayments, you may get tax-free loan forgiveness after ten years. Otherwise, your student loans may be forgiven 20 years or 25 years after you took out the loan. The rules can feel convoluted, so you’ll want to contact a finance specialist to help you understand if, when, and how your loans and debt can be forgiven.