{"id":2978,"date":"2021-06-15T08:00:00","date_gmt":"2021-06-15T13:00:00","guid":{"rendered":"https:\/\/www.accrediteddebtrelief.com\/blog\/?p=2978"},"modified":"2026-01-12T17:45:36","modified_gmt":"2026-01-12T23:45:36","slug":"6-steps-to-take-when-youre-drowning-in-debt","status":"publish","type":"post","link":"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/","title":{"rendered":"6 Steps To Take When You&#8217;re Drowning in Debt"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">When money is tight and you\u2019re having difficulty paying your bills, it\u2019s incredibly easy to make choices that make your financial situation worse. Getting a new credit card, sticking with minimum payments or skipping payments altogether may stave off the problem in the short-term, but could cost you even more down the road.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you feel like you\u2019re drowning in debt, there\u2019s still hope! Here are six steps you should take to keep your head above water and regain control of your finances.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Get Organized<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re juggling multiple debts, it\u2019s easy to forget who you owe what to. Unfortunately, this disorganization can lead to missed payments, which leads to more interest, penalty fees and calls with collections.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Set aside some time to write down all of your debts. When we say \u201call,\u201d we mean ALL \u2014 credit cards, mortgages, car loans, medical bills, everything. Write down each creditor, your monthly payment, your interest rate and your total debt. Having all of the details in one place allows you to better visualize your overall debt, discover anything you may have overlooked and see which creditors are charging you the most interest.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can double check your debts by comparing them to what\u2019s listed on your credit reports, which you can request at <a href=\"https:\/\/www.annualcreditreport.com\/index.action\" target=\"_blank\" rel=\"noreferrer noopener\">AnnualCreditReport.com<\/a>. The <a href=\"https:\/\/www.ftc.gov\/enforcement\/statutes\/fair-credit-reporting-act\" target=\"_blank\" rel=\"noreferrer noopener\">Fair Credit Reporting Act (FCRA)<\/a> requires Equifax, Experian and TransUnion to provide requesting individuals with a free credit report every 12 months. Through the current COVID-19 pandemic, everyone in the U.S. can <a href=\"https:\/\/www.consumer.ftc.gov\/articles\/0155-free-credit-reports\" target=\"_blank\" rel=\"noreferrer noopener\">request a free credit report<\/a> from these credit reporting agencies every week \u2014 be sure to take advantage of this!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Make a Budget<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While you\u2019re still in an organizing mood, take the opportunity to get a clear vision of your day-to-day earning and spending. If you haven\u2019t updated your monthly budget in a while, or if you\u2019ve never created and followed a budget in the past, now\u2019s the time to fix that! You can use our <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/start-budgeting-with-our-free-worksheet\/\">free budgeting worksheet<\/a> or create your own using a spreadsheet, app or pencil and paper; any system works, as long as it\u2019s easy to navigate, won\u2019t get lost and can be updated as your finances change.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once completed, your budget will provide you with a birds-eye view of where your money is coming and going. You\u2019ll not only be able to see overarching saving and spending trends, but you\u2019ll also be able to identify any items that are sucking your finances dry.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Decrease Your Spending<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Are you spending more on rent than you can afford? Did your budget reveal long-forgotten or barely-used subscriptions? Are there any luxuries, such as entertainment, dining out or unnecessary travel, that are eating away at your paycheck? Don\u2019t let the extras weigh you down \u2014 break free and save your hard-earned money by letting go of the non-essentials.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Struggling to identify the biggest culprits? One survey of American consumers revealed the following categories as the <a href=\"https:\/\/www.prnewswire.com\/news-releases\/americans-spend-7-429-24-over-their-budget-every-year-according-to-new-survey-commissioned-by-slickdeals-300919639.html\" target=\"_blank\" rel=\"noreferrer noopener\">top ten weekly \u201cbudget killers\u201d<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Online shopping<\/li>\n\n\n\n<li>Grocery shopping<\/li>\n\n\n\n<li>Subscription services<\/li>\n\n\n\n<li>Technology products<\/li>\n\n\n\n<li><a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/how-much-do-americans-spend-on-lunch\/\">Buying lunch<\/a> every day<\/li>\n\n\n\n<li>Household essentials<\/li>\n\n\n\n<li>Coffee<\/li>\n\n\n\n<li>Food delivery<\/li>\n\n\n\n<li>Gym memberships<\/li>\n\n\n\n<li>Entertainment (movies, concerts, etc.)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Remember that \u201ccutting down\u201d doesn\u2019t always mean \u201ccutting out permanently.\u201d Rather than completely depriving yourself from the things you enjoy, think creatively and replace the expensive things with free or reduced-price versions. Check out these temporary swap examples:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Replace your coffee shop visits with at-home pour-overs and Pinterest latte recipes<\/li>\n\n\n\n<li>Pause your gym membership and try free YouTube workouts or discounted exercise opportunities through your local parks and recreation department<\/li>\n\n\n\n<li>Avoid shopping for new tech, clothing and household essentials \u2014 look for gently-used and like-new items through second hand stores and sites like <a href=\"https:\/\/offerup.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">OfferUp<\/a>, <a href=\"http:\/\/www.craigslist.org\" target=\"_blank\" rel=\"noreferrer noopener\">Craigslist<\/a> and <a href=\"https:\/\/www.facebook.com\/marketplace\" target=\"_blank\" rel=\"noreferrer noopener\">Facebook Marketplace<\/a><\/li>\n\n\n\n<li>Say no to last-minute lunch orders and try planning and prepping a week\u2019s worth of grab-and-go meals over the weekend<\/li>\n\n\n\n<li>Lower your grocery bill by following a shopping list, swapping name-brands for generics and focusing on in-season produce<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Increase Your Income<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">What if you\u2019ve already perfected your budget and cut what you can do without, but are still having trouble staying financially afloat? Your next step is to find ways to generate more money. Here are a few of your options:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/how-to-ask-for-a-raise\/\">Ask for a raise<\/a><\/li>\n\n\n\n<li>Brush up your <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/brush-up-your-resume-with-our-free-template\/\">resume<\/a>, write <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/write-your-cover-letter-with-our-free-template\/\">cover letters<\/a>, go on <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/acing-your-in-person-phone-and-video-interviews\/\">interviews<\/a> and lock down a higher-paying job<\/li>\n\n\n\n<li>Work extra hours at your current job<\/li>\n\n\n\n<li>Pick up a second, part-time job<\/li>\n\n\n\n<li><a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/side-work-and-freelancing-ideas-for-your-next-hustle\/\">Freelance<\/a> or pick up a <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/side-work-and-freelancing-advice-from-side-hustlers\/\">side hustle<\/a><\/li>\n\n\n\n<li>Sell unwanted items, like <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/update-your-wardrobe-without-breaking-the-bank\/\">clothing<\/a>, books and electronics<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Don\u2019t Take On More Credit<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re faced with overwhelming debt, the last thing you need is to add more to what you already owe. Stop pulling from your current lines of credit and use cash to pay for what you need. It\u2019s also a good idea to avoid taking on any new lines of credit.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some individuals have successfully consolidated their debts through the use of a new loan or credit card. However, in order to benefit from a consolidation loan or a <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/pros-and-cons-of-a-credit-card-balance-transfer\/\">credit card balance transfer<\/a>, the below should be true:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You have a high enough credit score to secure a lower interest rate than what you currently have<\/li>\n\n\n\n<li>You have a clear payoff plan so that you can pay off your debts before any introductory interest rate offers expire<\/li>\n\n\n\n<li>You aren\u2019t in a situation where you\u2019ll be tempted to incur more debt with your new line of credit<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re not careful, opening a new credit card or personal loan to manage existing debt can quickly turn into a \u201crobbing Peter to pay Paul\u201d situation.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Explore Debt Help<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s say you\u2019ve tried everything \u2014 you\u2019ve analyzed your finances, reworked your budget, sworn off using credit cards and taken on more hours at work. Unfortunately, your changes still aren\u2019t enough to make ends meet. What do you do when you\u2019re so overwhelmed with debt that it seems you\u2019ll never be able to get ahead?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fortunately, there are a few <a href=\"https:\/\/www.accrediteddebtrelief.com\/debt-resolution\/\">debt help<\/a> options and strategies you can choose from to help you move beyond your financial burdens. Here are some signs that it may be time to get help with your debt:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You can\u2019t find a clear way to pay off your unsecured debts within the next few years<\/li>\n\n\n\n<li>If you\u2019re able to put money towards your debt, you\u2019re only able to make <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/what-happens-when-you-make-minimum-payments\/\">minimum payments<\/a><\/li>\n\n\n\n<li>Creditors are trying to reach you through phone calls and letters<\/li>\n\n\n\n<li>Your debt is more than half of your yearly income<\/li>\n\n\n\n<li>You regularly make late bill payments<\/li>\n\n\n\n<li>Your debt is a major source of <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/debt-stress-and-mental-health\/\">stress<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">An organization like <a href=\"https:\/\/www.accrediteddebtrelief.com\/\">Accredited Debt Relief<\/a> can help you explore your options, matching you with the best plan for your unique financial situation. Call today for a <a href=\"https:\/\/www.accrediteddebtrelief.com\/free-quote\/\">free consultation<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When money is tight and you\u2019re having difficulty paying your bills, it\u2019s incredibly easy to make choices that make your financial situation worse. Getting a new credit card, sticking with minimum payments or skipping payments altogether may stave off the problem in the short-term, but could cost you even more down the road. If you [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[50],"tags":[],"class_list":["post-2978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-planning"],"accredited":{"author":{"name":"Mikaela Sullivan","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/author\/msullivan\/"},"categories":[{"name":"Financial Planning","slug":"finance-planning","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/category\/finance-planning\/"}],"thumbnail":"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/06\/432x768_TopDollar_6StepsDrowninginDebt.jpg"},"acf":{"edited_by":"","reviewed_by":"","fact_checked_by":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>6 Steps To Take When You&#039;re Drowning in Debt - Top Dollar<\/title>\n<meta name=\"description\" content=\"Having trouble keeping your finances afloat? 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These six money moves can help you get back to smooth sailing \u2014 learn more with Top Dollar.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"Top Dollar\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AccreditedDebtRelief\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-15T13:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-12T23:45:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/06\/432x768_TopDollar_6StepsDrowninginDebt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mikaela Sullivan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@accredited_debt\" \/>\n<meta name=\"twitter:site\" content=\"@accredited_debt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mikaela Sullivan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/\"},\"author\":{\"name\":\"Mikaela Sullivan\",\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/#\/schema\/person\/05ebbe3ff59cff62c32e94d5890f2a64\"},\"headline\":\"6 Steps To Take When You&#8217;re Drowning in Debt\",\"datePublished\":\"2021-06-15T13:00:00+00:00\",\"dateModified\":\"2026-01-12T23:45:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/\"},\"wordCount\":1149,\"publisher\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/06\/432x768_TopDollar_6StepsDrowninginDebt.jpg\",\"articleSection\":[\"Financial Planning\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/\",\"url\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/\",\"name\":\"6 Steps To Take When You're Drowning in Debt - Top Dollar\",\"isPartOf\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/06\/432x768_TopDollar_6StepsDrowninginDebt.jpg\",\"datePublished\":\"2021-06-15T13:00:00+00:00\",\"dateModified\":\"2026-01-12T23:45:36+00:00\",\"description\":\"Having trouble keeping your finances afloat? 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