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