Top of main content

Manage existing debt

A woman is looking at her mobile phone; image used for "manage existing debt" article.

Smarter ways to reduce what you owe

Being in debt costs money. There may be fees for taking out a loan or credit card. That's why minimising debt, as far as possible, is essential for your financial wellbeing.

If you are struggling with the high price of debt, you have several options:

  1. Cut back on the things you cant afford

    Many people are in debt trying to pay for things that they can't afford, like a big house, a luxury car, or even expensive accessories. If this sounds like you, consider ways to reduce how much you spend.

  2. Talk to your lender

    They may be able to offer you a short payment holiday, freeze the interest on your borrowing for a while, or amend the terms or interest rate you are paying.

  3. Consolidate your debts

    If you have multiple debts, it may be cheaper to consolidate these into one loan if it means a lower interest rate. You'll need to consider if there are fees and costs associated with repaying or consolidating your loans and if it will result in less debt to repay overall.

Get started with your Financial Wellbeing

To learn more about Financial Wellbeing please get in touch with us at:Financialwellbeing@hsbc.com.lk

Financial wellbeing

A little girl and her parents are looking at the mobile happily; image used for "protect what matters" article.

Protect the things that matter the most to you

A man is using laptop in a coffee shop; image used for "beware of scams and fraud" article.

How to avoid the most common financial threats

An old couple is walking in the garden; image used for "how to stay financially healthy" article.

How good habits can help you achieve financial wellbeing