If you have a lot of debt from loan, credit card and other loans, you should take the following steps:
Step1: Negotiate with your banks, creditors and explore possible way to repackage the debt by either consolidatate them and with lower interest rate, and you will serve the repayment by monthly. This link is from Government who help those facing this problem to renegotiate with bank.
Step2: In any event, step 1 cannot be delivered, you will continue to pay your minimum monthly repayment for the loans and on top of it, pay extra to highest interest rate loan and transfer the borrowing from higest interest rate loan to lower interest rate loan.
Step3: Continue the process of step 2 until all the loan has been payoff. Remember to unsubscribe for all credit card (especially, Government is going to impose tax per card).
Step4: Repeat Step 2 and Step 3 until you are fully debt free. This required discipline, determination and perseverance. Note the step 1 to 4 is painful but the only way to solve your problem and let you just to next stage of life financial.
