If you are currently dealing with debt, you are far from alone.

Via Debt.org, the total amount of consumer debt held by people in the United States is at $13.51 trillion. The bulk of that debt is a result of money owed on mortgages (over $9 trillion), but the figures also indicate that Americans collectively owe in excess of $3 trillion due to auto and student loans.

Owing money is inevitable sometimes and there’s nothing inherently wrong with that. As financial experts such as Trout Associates note, the real problems arise when you are unable to make payments.

For those eager to learn how to manage their debt better, the pointers listed below should prove quite helpful.

1. Secure Stable Income

For many people, the reason why they are unable to pay off their debt isn’t because they are irresponsible or because they don’t want to fork the money over. It’s simply because they may not have the money to pay in the first place.

If you don’t have a reliable source of income, securing the funds needed to make those scheduled payments on your loans will prove nearly impossible.

It won’t be easy, but you should try to find a stable source of income if you want to be capable of consistently paying off your loans.

For those entrepreneurs still trying to get their business off the ground, it’s not a bad idea to apply for a day job with a fixed income. You can then use the income from that job to make debt payments.

2. Curtail Your Spending

Old habits really do die hard, don’t they? Even if you’re aware that your financial situation has changed after taking out a new auto loan or perhaps a mortgage, you may still end up maintaining your spending habits.

You simply cannot afford to continue down that path though.

It’s time to wake up to the realities of your current financial situation and make the adjustments necessary. If you went out on the weekends together with your friends or family prior to taking out the new loan, you should trim that back to once every two weeks or something more reasonable.

You may also be able to cut down on living expenses by shopping for food and other supplies smarter. For instance, buy tougher cuts of meat. Even though they take more effort to cook, they can still be filling and the best part is that they are usually more affordable.

Making those financial sacrifices are tough, but they are necessary if you want to climb out of the hole created by your debts.

3. Use Extra Income to Pay Off Debts

Every now and then, you may end up with some extra money in your pocket. Maybe your performance at work proved exceptional recently and thus you were rewarded with a well-deserved bonus, or perhaps your small business had its best month yet.

With all that surplus money, you may be thinking about getting something nice for yourself. An occasional treat is welcome, but don’t overdo it. That extra money you earned is still best spent paying off your existing debts.

In the moment, spending your bonus that way may be unappealing, but your finances will thank you later on and that’s what really counts.

4. Improve Your Credit Score in Underutilized Ways

Improving your credit score may not seem to have anything to do with paying debts since the loans have already been taken out, but they can indeed be connected.

To improve your credit score, there are things you can do such as simply paying on time, but there are other underutilized methods of increasing a credit score.

For instance, leaving an account open even after you’ve cleared the debt previously linked to it can help to boost your credit score.

You can also take the time to check out your credit reports to see if they are completely accurate. Mistakes on your reports can lower your credit score. Addressing those errors and having them fixed can do wonders for your credit rating.

5. Consider Consolidating Your Debts

How will improving your credit score make it easier for you to pay off debt? For starters, that improved credit rating can help you secure a lower interest rate on your debt consolidation loan.

Debt consolidation makes it easier for you to keep track of your debts because they are now bundled together into one payment. You don’t have to set aside money for different times of the month for your debt payments.

Furthermore, if you can land a debt consolidation loan with a lower interest rate, you may end up having to pay a smaller amount of money monthly than you did previously.

The Balance notes that there are four types of debt consolidation options, with those being a debt consolidation loan, a debt consolidation credit card, a 401k loan, and a home equity loan. Debt consolidation loans and debt consolidation credit cards are the preferred options because they are accompanied by less risk.

Trusted minds in the financial industry such as Trout Associates always remind people that debt is something that can be properly managed. Debt won’t be able to ruin you financially if you remain responsible and utilize all the tools at your disposal.