Too Many Bills, Too Little Progress: How to Simplify a Debt Pileup

Credit card bills have a way of piling up.A few unexpected expenses, a stretch of higher living costs or a temporary loss of income can leave households juggling multiple payments while interest charges eat away at their budgets.A recent survey by Achieve shows that 43% of survey respondents say they have felt hopeless about their financial situation due to debt.

Getting out of debt can be harder than getting into it.When much of your monthly payment goes toward interest instead of reducing what you owe, even people who have cut their spending can struggle to make progress.Fortunately, there are ways to take control of debt without resorting to drastic measures.

From choosing the right repayment strategy to consolidating balances or getting professional help, these seven approaches can make debt more manageable and potentially save thousands of dollars in interest.The starting point for any debt repayment plan is a complete inventory of your outstanding debts.A bunch of papers on your desk won’t do it, however; first, set up a spreadsheet that compiles your credit card statements, personal loan documents, medical bills and other debts.For each account, record the outstanding balance, annual percentage rate (APR), minimum monthly payment and payment due date.

The APR is a key metric because it measures your annual cost of borrowing and helps identify what debts are costing you the most.The Consumer Financial Protection Bureau (CFPB) recommends using a debt reduction worksheet and bill calendar to organize payments and develop a repayment strategy.Having everything in one place also makes it easier to identify bills that might otherwise be overlooked.Once you have a single source of truth for your budget, it’s time to calculate how much money remains after you have paid for housing, food, transportation and other necessary expenses.

That figure determines how much you can realistically put toward debt repayment beyond the required minimum payments.Missing a mi...