No matter what type of debt you have, chatting with the companies that you owe money is a great way to start lowering that amount.
“Many credit card companies will be willing to put you on a five-year fixed-rate plan if you request it,” said Ash Exantus, director of financial education and financial empowerment coach at BankMobile. “This is a great option because it allows you to know exactly what you need to pay on a monthly basis with no surprises.”
The same can be done for student loans. If you have federal loans, you have a choice of repayment plans that suit your financial situation, including income-based ones.
With medical bills, you can try negotiating with the doctor or hospital about your bills. Even if it’s a utility bill, talk to the company to see what can be worked out. You could knock hundreds to thousands off what you owe.