Debt
How can you save money if you have low income and debt? Credit card debt especially can seriously hinder your chances of savings and moving forward financially.
If you’re struggling to pay your debts, it might be time to call your lender and see if you can negotiate more favourable terms. Call before you’re in trouble – don’t wait until you skipped a payment and late fees have started to accumulate.
Make sure you know what you want before you call. Would a lower interest rate help you? Or maybe reducing your minimum monthly payment is a better option? If you have enough money saved up, you can even discuss a lump-sum settlement.
If that doesn’t work and you’re still struggling, The Money Saving Expert has plenty of advice on how to tackle mounting debt and get yourself back in a secure place financially.
Here’s a link to their Debt Help Plan which has lots of pointers which can help you take back control of your money.