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Most people have at least some form of debt, and the payments on this can eat up a large part of your budget. While you always have to pay your debts, you can prioritise them to ensure that you are getting the most for your money and not risking any extra charges. Start by working out which are priority debts, namely those which have the harshest penalties for missed payments.  High priority debts include your mortgage or rent, income and other government taxes, utility bills and hire purchase agreements. Always meet the minimum payments for debts, and try to work towards paying off debts with the highest interest rates first. If you can pay off expensive debt, it will make it easier for you to save money in the long-term. If you’re struggling with debt, you should think about any possible alterations you can make to your repayment schedules. If you are paying back more each month than you can afford, it might be possible for you to renegotiate the loan so you pay back less each time, but you are paying back for a longer. This may work out as more expensive as you will have more interest to pay off, but it can be a good option if you are unable to make your payments.  Get some independent financial advice to discuss your possible options. Don’t be tempted to take out another loan to help you pay off an existing loan. This can lead to a spiral of indebtedness that it is hard to get out of. Beware of companies offering to restructure your debt. There are reputable companies that do this, but it can be very expensive and increase rather than decrease your debt burden. Another way to take charge of your debts is to pay above the minimum rate. You may choose to do this if have some extra money and you want to take advantage of it to reduce your debt burden. This will be most beneficial if you are paying high interest rates and the minimum payments and not making an impact on your overall indebtedness.  Always talk to your loan holder first, as some loan may prohibit you from paying above a certain rate. Often loans have early repayment penalties which may make it more expensive to pay off the loan ahead of schedule.  Just paying back the minimum amount on a relatively modest credit card debt could mean it takes years to pay off. A good rule of thumb for getting to grips with your finances and moving towards financial independence is using savings to pay off your debt. This is normally the right thing to do financially because the amount you can earn on your savings is typically less than you are charged for your debt.  Having ongoing debt repayments can make it very hard to break free and achieve financial independence. If you have assessed your situation and think a debt burden is a big barrier for you, consider using savings to pay it down and give yourself some financial breathing space.
Prioritise your debts. Consider different repayment schedules. Pay back above the minimum rate. Use savings to pay debts.