Is debt weighing you down? Being over your head in debt leaves you with the unnerving sense of not being in control of your finances. This feeling of helplessness can negatively affect other areas of your life, as well.

These three options for reorganizing your finances will help you take back control.

Change your repayment methods

There are a couple of strategies you can try to help you clear up debt quicker. These will require you to increase your payments now with the reward of cutting months or years off the life of your loan. By so doing, you reduce the total amount repaid, as well.

The first suggestion is adding a little extra to each monthly payment. Not so much, however, that it becomes a burden on your budget. Rounding up the payment to the next $100 is sufficient ($655 to $700, for example).

Secondly, talk to your bank about switching your monthly repayment to half payments every two weeks. This will add the equivalent of one extra monthly payment each year. With long-term loans, like a mortgage, you can shave years off the repayment period, and save tens of thousands of dollars on the total repaid.

Debt consolidation

If you have several loans with each one attracting its own rate of interest, then the best advice is to opt for debt consolidation. With debt consolidation you roll all of your debts into one with one interest rate, reducing the stress which comes from dealing with multiple lenders.

Consolidating your debts with one lender leaves you with a single loan and a single repayment on a single date each month. Plus, if you make on time payments to this new loan each month, you can start repairing damage your previous indebtedness caused to your credit score.

Additionally, debt consolidation usually gives you access to a lower interest rate and a lower monthly repayment. You effectively end up with more money to budget for your monthly expenses.

Talk with a credit counselor

There are several ways in which a credit counselor can help when it’s time to reorganize your finances. They can speak with your creditors and stop annoying calls from collection agencies. Their service also helps to improve your credit score – good news if you’re seeking rental approval or if you wish to avoid paying large security deposits on utilities.

They have the ability to help lower the interest rate charged on credit card debt; eliminate application of late fees and additional charges by the lender; reduce the debt settlement amount; and consolidate your monthly repayments into one.

Talk with a credit counseling service to find out the best debt relief options for you.  You can opt for online counseling, which is the mode chosen by most persons. Many online credit counselors will also give you the option of face-to-face consultation, if that is what you are most comfortable with.

Indebtedness is more than a financial burden. It can be one of life’s great stressors. Reorganizing your finances can help you to regain financial control and start moving ahead with your life.  Don’t wait – take the first step toward financial independence, now!