Should your debt consist of low-interest loans then you could simply decide to pay over the stipulated repayment period and create better spending habits.

If you are able to, increase your repayments where possible to exhilarate reaching financial freedom.

However, this is not an option for everyone as some of us have a number of lenders we pay at a very high-interest rate!

It is at this point that you should consider consolidating your debt to free you from financial strain as it offers immediate financial relief. One issue that often surfaces is that once individuals have consolidated their debt and note a substantial increase in disposable income, they often create more debt. This is where the fifth step becomes important as we will discuss later.

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