One route for those with very large debts is debt consolidation.
This involves bringing together all of the debts owed by a person and arranging a single monthly repayment to clear them all over time.
Repayments are worked out based on only what the consumer can afford, so there is little danger of accruing further debt – as long as they stick to a budget and do not miss any instalments.
There are other solutions too that may be more suitable. Professional advice is important, as what works for one person may not work for another, depending on their financial situation, employment status and other factors.
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