Skip to main content
index page

Alternative Ways To Deal With Debt

No one wants to experience financial difficulties or extreme money problems; this situation can be prevented. Making mindset changes makes it possible to transform seemingly hopeless situations into successful outcomes. Managing money requires both practical and psychological strategies.

Many people feel overwhelmed and hopeless as they struggle to keep up with monthly payments, savings money, interest charges, and mounting debt balances. However, alternative approaches to money can help you take control of your financial situation, avoid Bankruptcy, and achieve financial stability. Here are some creative solutions and mindset shifts for managing debt in a better way to live a debt-free life.

Buy-nothing or Zero-waste Lifestyle to save money

Try to incorporate some habits in life for a buy-nothing or zero-waste lifestyle. Brad Cummins, Founder of Insurance Geek, has shared tips for adopting a zero-waste lifestyle.

Reduce consumption: Buy only what you need and avoid impulse purchases. Consider borrowing or renting items you may only need temporarily to avoid spending money.

Reuse and repurpose: Use reusable containers, bags, and utensils instead of disposable ones. Repurpose items that you already own instead of buying new ones.

Compost: Create a compost pile or use a composting service to reduce waste.

Choose sustainable options: Purchase environmentally friendly items and support sustainable practices to save money. For example, choose products made from natural materials, purchase from local and ethical brands, and buy food that is in season for saving.

By adopting a buy-nothing or zero-waste lifestyle, individuals can save more money, reduce waste, and minimize their environmental impact. This approach can also lead to a more mindful and intentional lifestyle, where individuals are more aware of their consumption habits managing money, saving, and making money-conscious choices.

Consolidate your debt

Consider consolidating your debt into one manageable loan with a lower interest rate. This can simplify your payments and save you money in interest charges. One alternative approach to debt free is to pursue a debt consolidation loan. This can simplify the repayment process and reduce the overall interest rate, making it easier to manage financial obligations.

"Setting achievable goals and tracking progress is crucial to staying motivated in your debt management journey. This can include creating a budget, set aside money for making extra payments when possible, and seeking family or financial advisor support. Celebrating small successes can also help maintain motivation and momentum toward becoming debt-free," said Sylvia Goode, Founder, TheCashlix.

Consult a financial counselor or debt relief agency for advice and support.

Increase your income

Consider ways to increase your revenue, such as working part-time or freelancing to earn money. Use the extra income to become debt free more quickly. Review your costs and look for areas where you can cut back money. This can free up more money to put towards your debt.

Create a budget and track income and expenses

One alternative approach to debt management is to focus on the positives and look for ways to increase your income and stay motivated to reduce your obligations and avoid spending money. "Start by creating a budget and tracking your money (income and expenses). Look for ways to cut back on unnecessary costs and put more money toward paying off your debt.

Consider doing additional work or finding a side hustle to increase your money income and aside money for financial obligations. Reward yourself for meeting your goals to keep yourself motivated in earning money. Finally, stay focused on becoming debt-free", said Lukasz Zelezny, SEO Consultant, SEO Consultant London.

Renegotiate and Restructure Loans With Existing Lenders

While not widely known and rarely mentioned by debt servicing companies, this is a viable option for companies of all sizes.

Lenders always consider the same factors as other business owners. In general, it is preferable to keep customers through challenging times by lowering servicing fees instead of letting a loan go into default or turning it over to a collection agency with an uncertain conclusion.

"In rare circumstances, more information may be required (often referred to as a "Hardship Letter") to show the lender the detrimental effect that the present costs or loan terms have on the borrower company's ability to repay the loan. Results could include eliminating or lowering administrative fees, cutting interest rates, or altering payment schedules-all of which could be helpful", said Janie Doyle, Marketing Director, SC Vehicle Hire

Negotiate with creditors

Contact your creditors and explain your situation. You may be surprised that many creditors will work with you to find a solution that works for both of you. For example, they can lower your interest rates, extend your payment deadlines, or work out a payment plan that fits your budget.

Change your mindset

Managing financial obligations is not just about money; it's also about your mindset. Shifting your mindset from scarcity and fear to abundance and possibility can help you stay motivated and positive as you work to pay off your debt. Focus on your progress, earning money rather than the debt you still owe. Celebrate small victories like paying off debt or reducing interest rates.

Practice gratitude

Cultivating an attitude of gratitude can also help you manage your money. Focus on your worth instead of what you lack. Appreciate the good things in your life, such as your health, relationships, and talents. This will help you stay positive and motivated in your payoff journey and earn money.

Gain financial knowledge

Understanding the impact of your financial decisions on your credit score is crucial. A good credit score is crucial for getting approved for loans, credit cards, and other financial matters. It can also affect your ability to rent an apartment, get a job, or obtain insurance. If you're struggling with money, taking steps to protect your credit score is essential. This includes paying your bills on time, avoiding late payments, and keeping your credit utilization ratio low.

Think about credit card debt settlement

Settlement is negotiating with creditors to pay off the debt in less. This can be a good option if you're unable to make your payments and are facing the possibility of Bankruptcy. However, debt settlement can also hurt your credit score and should only be considered a last resort. But to secure your financial future self, you can consider this and start practicing good financial habits to build wealth and rebuild your credit again.


It's important to remember that managing money is about your emotional and mental well-being and future self. Financial obligations can be the source of stress, anxiety, and shame, and seeking support and care for your mental health is essential. This may include talking to a therapist, joining a support group, or practicing self-care activities such as exercise, meditation, or journaling.

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
Get Debt Relief Now

How much debt consolidation can save you