As global as the problem is, we should in fact try as best as we can manage our own household finances. How do we begin with, you ask? By a shift of lifestyle perhaps?
Managing your finances should not really be that hard. Start with a regular amount of payment that goes to your debts from your monthly income. Debt Consolidation should be considered. This will greatly ease the burden of paying off your debts.
It will also help a great deal if you could strike a deal with your lender or bank for a lesser rate. Negotiate whenever you can. Make a list of the regular bills that has to be paid and the regular amount of payment that you would shell out for outstanding debts.
It should also help that you do not keep a lot of bank accounts. A couple should suffice. One for savings, which we strongly suggest that you work on after all debts have been paid. If you focus on the savings, chances are paying your debts will take the backseat. Doing this will not have the interest work for you.
It shouldn’t be very complicated really. Discipline is the key. Keep to your schedule and save every chance you get.