Debt management is key to staying on top of your finances. Avoiding debt by paying your bills on time and budgeting wisely is the best approach but if you slip into the red here are some ways to kick your debts as soon as possible.

Add it up
Tally up all your debts to give you a rough idea of exactly how much you owe. This will help you adjust your current budgeting and help you assess if it is necessary to seek financial help in the form of a payment plan.

Prioritise
When you pay your debt think about what is the most urgent. Debts that accumulate more debt should be first on your list. Credit cards, for instance, have higher interest than other debts you may encounter. Overdue debts or those that are closer to their due date should also be a priority.

Merge your debts
If you consolidate your debts into one loan, you may pay fewer fees in interest. You should choose wisely with this option as many may not be able to make the repayments of the new financial plan.