Do you sometimes find it hard to go to sleep because you’re feeling so overwhelmed by debt? Has your amount of debt affected your quality of life and put certain life plans like vacations or home purchases on hold? If so, it may be time to look at your options, which include consolidation, settlement, and getting help with financial management.

Consider Consolidation

When you consolidate your debt, you are bringing your existing unsecured debt together under one umbrella. In other words, instead of paying for separate accounts throughout the month as usual, you will make one monthly payment to one new loan. Many people do consolidation by applying for a personal loan through companies like Symple Lending, which will pay off the existing debt accounts. Then, you only pay off the debt consolidation loan once a month. When you choose this option, you also benefit from a better interest rate. Better interest rates on one account let you pay things faster than paying off separate accounts with various high interest rates.

Negotiate a Settlement

Did you know you may be able to pay back less than what you owe? If you can prove that you are in financial hardship, a debt settlement company like Freedom Debt Relief can work with your creditors to negotiate a lower balance. Based on the settlement, you can pay one lump sum, which is often the cheapest deal. You can still get a reduced balance and pay it off over several months or years. In most cases, the faster you pay off the settlement, the cheaper it will be. For example, if your debt settlement allows you to pay off your account in 3 to 6 months, you will likely pay much less than taking an option to pay it off in 1 to 2 years.

Create a Savings Plan

While it may feel impossible to save when drowning in debt, any little amount you save quickly adds up over time. Start making your savings automatic by having a savings account attached to your bank account that automatically takes the smallest increments from five dollars to $10 weekly. Have a small percentage of your paycheck automatically go to a savings account — it can be hard to miss what you don’t see. Evaluate your home expenses and see what you can live without. If you already have Netflix, do you also need to pay for Hulu? Start clipping coupons and focus your shopping around sales. Start buying in bulk places like Costco to save money on things you buy frequently.

As you can see, there is hope for you and other Americans feeling overwhelmed with debt. By making a plan that includes finding ways to save in your daily life and considering consolidation or debt settlement, you can be on your way to a healthier financial life.