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Has a monthly budget been drawn up, one that covers all expenses, including monthly loans? If unable to, perhaps refinancing monthly loans is possible. Being able to get a lower interest rate on monthly loans will make the monthly payments lower, and more bearable.

Perhaps a consolidation loan that would combine all monthly loans into a single payment would be easier on the budget. This would make for only one interest rate to be concerned about. However, the combined amount would be larger, and may take a lot longer to pay off.

Keeping the payments spread out over several loans would have little effect if one of them gets a late payment. With a single loan, it only takes one mistake to damage your credit. The large, looming single payment stands out more, making it seem insurmountable, and more difficult than it really is. Take a close look at finances to decide which path would be best.

Paying off monthly loans takes self discipline. Planning a monthly budget that covers every expense plus monthly loans is a must. Analyze your entire budget, and look for ways that minor expenses could be reduced or eliminated, such as by buying less expensive generic items. Food and transportation are two expenses that can often be reduced with careful planning.

Keep an expense journal for an entire month, writing in all your expenses on meals outside the home, without missing a single cup of coffee. It’s amazing how tiny expenses add up. Next, do the same thing with your transportation expenses, another area notorious for wasting money. If you are a two vehicle family, make sure that the second car is absolutely necessary. Maybe eliminating cars entirely, even if temporary, might be possible.

If unaware of public transportation options, it might be pleasantly convenient, especially living in a major city. There may be someone you know at work, or a neighbour, who would gladly provide a lift now and then, especially if they are compensated in a few pounds for their petrol expense.