What to Do If You Can’t Pay Off Your Creditors: A Real Talk Guide to Getting some help with debts

We’ve all been there—looking at your monthly outgoings and repayments feeling that lump in your throat as you realize that your debt has grown faster than your income. Whether it’s credit card balances, loans, or unexpected expenses, not being able to pay your outgoings can feel overwhelming. But here’s the thing: you’re not alone, and it’s not the end of the world.

The good news? You can get through this. It might take time, but with the right approach, and when getting some help with debts you’ll be back on your feet. So, no shame, no judgment, just a solid, relatable bit of real information to getting through those tough financial times.

1. Take a Deep Breath and Acknowledge It

First things first—stop stressing. You’re in a rough spot, but panicking is the worst thing you can do. Acknowledge the situation for what it is: a temporary setback. Denying or ignoring the problem will only make it worse. The reality is, life happens—unexpected expenses, a job loss, or a series of financial missteps. It’s all part of the journey of your life.

Once you’ve accepted it, you can start focusing on how to fix it. Start by writing down all of your debts—this includes credit cards, personal loans, and any other amounts you owe out, every little minute detail of it. Seeing everything laid out can feel daunting, but it also gives you a clear picture of what you’re dealing with.

2. Prioritize Your Debts

Not all debts are created equal. Some come with high-interest rates (Credit cards) that can l eat away at your finances faster than that girl by the buffet at a party, while others may have lower rates and less urgency.

So, it’s time to prioritize. Start by paying off the debts with the highest interest first—these are the ones that will cost you more over time. This is called the "avalanche method." On the up side, if you’re looking for a quick win to build momentum, you can use the "snowball method" and pay off your smallest debts first. It’s all about what motivates you and which will keep you on track.

3. Talk to Your Creditors (Open and honestly)

This is where people often freeze up. You might feel embarrassed or scared to talk to your creditors, but trust me, they’ve heard it all before. Financial hardship happens, and most creditors are willing to work with you if you communicate openly. The worst thing you can do is ignore them.

Pick up the phone, send an email, or log into your account and explain your situation. You may be able to negotiate lower monthly payments, temporary deferments, or even reduced interest rates. In some cases, you can get a “hardship program,” where they agree to pause or reduce your payments for a while so you can make some dents in the totals without worrying about it all being added back later on.

4. Create a Realistic Budget (One your likely to stick too)

Yes, I am aware, budgeting doesn’t sound like a fun Friday night activity, but hear me out: it’s a life-saver. A budget gives you a clear view of where your money is going, helps you identify all your unnecessary expenses, and shows you exactly how much you can afford to put towards your debts each month.

Start by tracking all your income and expenses, the basics. Write down your essential monthly expenses (think rent, eating, utilities) and then figure out what’s left over for you. You might have to make some sacrifices, But remember, this is temporary. You’re doing it to take control, and in the long run, it’ll pay off and reward you right back.

5. Consider Debt Consolidation

If your debts are feeling like a juggling act with too many balls in the air, debt consolidation might be your best option. Debt consolidation means combining multiple debts into one loan with a lower interest rate. This simplifies your payments into one monthly sum, often making it more manageable. Plus, you might be able to get a better deal than the rates you’re currently paying on your individual debts.

6. Explore Side Hustles or Extra Income Opportunities

Look, I get it. Sometimes your salary just isn’t enough, and it’s hard to make ends meet. This is where a little creativity comes in. If you can, consider picking up a side hustle or finding ways to make extra cash.

This could mean anything from freelance work, tutoring, or selling things you no longer need, It doesn’t have to be glamorous, but every little bit helps when you’re trying to dig your way out of debt.

7. Seek Professional Help (Getting some help with debts)

If you’ve tried everything and are still struggling to make any headway, don’t hesitate to reach out to a financial advisor or debt counselor. There are non-profit organizations that can provide free advice and help you navigate a plan for paying off your debt.

A debt management plan might be something to consider, where a third party works with your creditors to create a repayment plan. Sometimes, professional help is exactly what you need to get back on track.

8. Be Patient and Stay Positive

Debt doesn’t disappear overnight, so don’t let that discourage you. The key is consistency and perseverance. Each payment you make gets you one step closer to being debt-free. Celebrate the small wins—like paying off a credit card or a large sum off a big loan. They add up, and before you know it, you’ll have more room in your budget for the things that matter.

And don’t forget—this is a learning experience. You’re not alone, and most people have been in your shoes at some point in their lives. Taking it day by day, and keep pushing forward. You will get there in the end.

Final Thoughts: You’ve Got This

I know it’s hard trust me I'm there too, but the fact that you’re even considering and trying to face your debt head-on is a huge step. Be kind to yourself, take it one step at a time, and remember that you can get out of this. Whether it’s cutting back, negotiating with creditors, or picking up a side job, every action you take gets you closer to freedom.

So, take a deep breath, put that plan in motion, and get ready for a brighter future.