When overwhelmed with debt it is sometimes helpful to set a specific debt reduction percentage goal. If you have a specific figure in mind it makes your goal seem more realistic and achievable. If you really want to make significant progress, set a goal to reduce your debt by as much as 60 percent in a set period of time.
1. Call your creditor to attempt to negotiate the balance first. It’s rare, but creditors will sometimes agree to decrease the balance in order to make it more affordable for paying off. This is a measure most common for consumers who can prove financial hardship.