It can sometimes feel overwhelming if you have a lot of ongoing debt. You need to get a strategy to see the light at the end of the tunnel. Here are some steps that you can take.

Know What Your Debt Is
Many people with ongoing debt don’t even know much they owe. Take an inventory of all your debts – personal, auto, credit cards, and such. Write them down in a journal or keep them on a spreadsheet on a computer. Write down both the debt amount and the interest rate. Update the list as time goes on. Alternatively, you can use software to help you keep track of your debts.

Saving money is very important for paying off debt. Fortunately, most people have many ways they can save money. Cancel all unnecessary subscriptions. Eat-in restaurants less, as this can be a quick way to save money. Sell your car and switch to a cheaper model or take public transportation. There are many things you can do. 

That doesn’t mean you can’t splurge occasionally. You don’t need to time your showers to limit your hot water usage. But cutting costs is important.

Pay Bills On Time Regularly
If you don’t pay your bills on time, you’ll get stuck with late fees. These add up quickly. If you do this a lot, there might be interest rate increases, and additional finance charges applied. To help you stay organized, set up a calendar. You can either do this on your phone, computer, or pen-and-paper.

Prioritize Debts
Use your excess savings to pay off debt. Some personal financial advisors say you should pay off loans with the highest interest rates first. Others say you should go for those with the lowest balances. This way, you can pay off loans fast, and it will keep you motivated. Use your debt list to keep track of everything and prioritize what to pay off first.

Emergency Fund
After paying off debts, you’ll want to set up an emergency fund. This can start small, but you’ll want it to eventually grow to six months of living expenses. That way, even if you lose your job, you’ll have enough in the bank to tide you over. 

Having ongoing debt can be stressful. There are multiple strategies you can employ to help you get out.