Many people stress and panic about debt like the world is coming to an end. But are they blowing things out of proportion? I’ve got together with financial expert Malcolm Lewis to ask him for his top tips to get out of debt. The first step is to understand exactly how how to make money online much debt you’re in. Get together all of those bills and letters from your creditors (the people you owe money to). Get a pen and paper and make a note of the creditor’s name and the amount you owe. Also, note how long you have to pay back those debts, and when the next payment is due.
When you have your list, have a think about which debts are more important than others. For example, your mortgage payments are probably more important than your store cards, so make the list again in order of priority, this will help you get some kind of perspective, and may help later on if you need to talk to debt management companies.Knowing how much you owe is crucial, but just as important is knowing how much you earn and how much you have left over after your important expenses.The next step is to make a list of all of your expenses, i.e. housekeeping, rent, tax, fuel, telephone etc. and then calculate a monthly total. Subtracting your total expenses from your income will tell you how much money you have left over to start paying back debts.