(NC) No one likes to have debt hanging over their heads. With high interest rates and the soaring cost of everyday expenses, it can become a vicious circle where you pay off the minimal amount owing, but your total debt continues to grow. Here are three ways to try to get your debt under control.

Build a budget – and stick to it
Creating a detailed budget is the only way to really understand your debt. Tally all your sources of income and all your expenses. Get as detailed as possible with the expenses. For example, have separate columns for groceries and restaurant meals, including any takeout snacks. If your expenses exceed your income, you can use the chart to see where you can cut back on spending. There are many free budget planning tools available online.

Pay off expensive debt first
If you have multiple sources of debt, try to pay off the loans with the highest interest rates first. For example, payday loans and credit card debt typically charge very high interest rates compared to a line of credit. So, if you do come into money, paying off the debts with higher interest will save you more in the long term.

If you’re struggling to find enough to pay even your smallest debts and juggling multiple bills each month, talk to your financial institution about options for consolidating your debts into a single, lower-cost loan.

Find alternative sources of money
If your income isn’t covering your expenses and you’ve cut what you can from your budget, you’ll need to find a way to earn more money. That could mean looking for a higher-paying job. If you have some spare time, maybe you can turn a hobby into a side gig to earn a little extra money. Just check your employer’s policy on outside contracts to make sure you don’t put your job at risk.

Do you have any collectibles or other valuable items that you’re willing to part with? Selling those could be a source of money to pay down your debt.

Find more tips, free resources and courses on how to manage debt at abcmoneymatters.ca.