Keeping current on your payments is important to maintain your ability to borrow in the future. To avoid a cash crunch, work out a repayment plan that will help you address all of your financial obligations. Here are a few tips to help you take control:

Know your options

• Consolidate multiple debts by consolidating debt accounts and taking out one loan to repay it. This doesn’t eliminate your debt; it transfers your loan balances into one loan with one regular monthly payment.
• Transfer credit card balances to a new card with a lower interest rate. You might be able to take advantage of introductory annual percentage rates and low interest balance transfers. Before you complete a balance transfer, be sure to check the balance transfer fees and the rates after the introductory period is over.
• Defer your debt, which will allow you to suspend payments for a designated period of time. If available, this option may be helpful if you’re underemployed, going through a personal hardship or facing an unforeseen circumstance.

Make it easier on yourself

• Schedule payments. With automatic payments, you are able to pay creditors directly from your account on a monthly basis, which can be an easy method to help stay current in your payments. 
• Avoid new debt. If you have to think about how you’re going to manage your debt each month, it’s probably not the best time to take on new debt. 

Dealing with debt can be stressful. But by making a plan – and sticking to it – you can move your financial health in the right direction.