How do I get out of monthly payment trap and get my finances in order

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Sell the stuff you don’t need, take the proceeds and throw them at the highest interest payments left.


You might consider picking up a part-time job to help you pay it off quicker. When you work two jobs you also don’t have time to shop for any new stuff.


It sounds like you need to change your mindset. If instead of thinking “If I am allowed to pay monthly payments for 3 years, I can afford this” you think “I don’t have enough spare cash to buy this right now”, you will stop going into debt for stuff you don’t need, and you will get out of debt faster. If you lack a written budget, create one today. Targeting the debts in order of interest rate and putting all your extra income at the debt with the highest interest rate is the fastest way to pay down debts.


The first step is to acknowledge the problem, which you did for buying step you don’t need. What you’ll need to do is to make a plan and stay discipline so you won’t impulse buy. With regards on what you’re paying, you’ll either have to make extra payments monthly, that can be done by either increasing your income, or find ways to consolidating your debt. It’s never too late to start.