2020 has had a massive impact globally in terms of people’s finances and how much they earn. Many people have had to scramble to find an alternative income source as the economy took a huge hit, impacting various sectors.

As the world starts to regain some of its equilibrium in the aftermath of the ongoing global pandemic, looking at how best to manage finances and get out of debt is something many people strive for this year. Sadly, not everyone is well informed of their options when it comes to paying off their debts and what is actually available.

Debt Resolution Services

Debt resolution can help you to pay off your credit card faster than if you were making the minimum payments on your credit until it is paid off. The choice is available, and companies such as Timberline Financial have options to help you legally clear your debt and alleviate some of the financial pressure you may be feeling due to a change in your circumstances.

Create a New Income Stream

In a culture of side hustles, creating a new income stream has never been easier. You don’t even need to apply for a new job to open a new source of income from home. All you need is to figure out what you can do to open up a new source of income.

Identify what skills you have and look at how you can make this a new income stream via remote working in your spare time. Options can include:

• Virtual Assistant
• Bookkeeping
• Social Media Management
• Proofreading
• Web Design
• Copywriting
• Accounting

Negotiate Lower Interest Fees

If your credit card interest rates are so high that paying off your balances seems unlikely, it’s worth contacting your card issuer to discuss your options. Requesting lower interest rates is actually very popular, believe it or not. If you have a consistent track record of paying your bills on time, you might be eligible for a lower interest rate.

Aside from credit card interest, several other types of bills can typically be reduced or removed. Always keep in mind that the worst thing anyone can say is no. And the less you pay for fixed costs, the more money you have to put into your debts.

Balance Transfers

If your credit card company doesn’t budge on interest rates, a balance transfer may be worth considering. You can get a 0% intro APR for up to 18 months with certain balance transfer deals, but you will have to pay a balance transfer charge for the privilege.

If you have a credit card balance that you think you’ll be able to pay off in that period, converting it to a card could save you money on interest while also helping you pay off debt faster.

It is vital you address any issues that can affect how you pay your bills. Contacting your lenders as soon as this becomes apparent will put you in a better position to negotiate more amenable repayment terms instead of missing payments and causing further damage to your credit score.