When your monthly outgoings have gone up substantially, then it is about time to get rid of old loans at the earliest.
But ensure that you are properly advised on debt management, so that you do not fall into the financial crisis again.
First of all, be advised that you must make efforts to save as much money as possible each month.
It is the saved amount that you can use for making the repayments in timely manner.
Hence, cut the unnecessary expenses.
You should cut down the number of credit cards in use to control your spending, and prefer paying in cash for the purchases..
Find ways to save money until you are finally out of the financial trouble.
Another measure is that you can take services of some experts of the field of debt management.
They will advise you on how to deal with your creditors.
They have contacts with your creditors to negotiate with them for reducing rate of interest on old loans.
It is advisable to make a repayment plan that suits to your earnings and expenditures.
The creditors may agree to the plan, which can lower your monthly outgoings.
Then, you are required to make low monthly payments to the company that takes charges of your debts.
The company will disburse the payments regularly to your creditors.
This way, you can ensure timely payments to your creditors.
But check with the creditors that they are getting the payments on time.
While searching for a company that deals in debt management advise, ensure that it provides counseling services as well.
The counseling will keep you out of the financial trouble in future.
When searching for such a company, study its terms and conditions minutely, and ensure that it has a good experience of providing the help for last many years.