start a blogNo one likes the idea of debt, especially when most debts aren’t good ones. Yes, some debt can be good: student loans and a mortgage are both examples of ‘good’ debts to have. They’re good because they’re progressing your life – the debt behind them is just a necessary part of the package.
Getting into credit card debt and taking out loans, though, isn’t always something you can avoid. Life happens, and when it does you have to make the best of it. Sometimes, this means getting into debt. It’s not wanted, but it’s necessary in situations where jobs are lost or there has been a serious illness and you need the extra financial support. Getting out of debt is the tricky part. You can set up plans with creditors, and in certain circumstances hire a bankruptcy lawyer named Ryan Dove to talk you through how to go bankrupt. The goal is to get out of debt in the fastest way possible and below, you’ll find eight ways to do just that
- Pay more than your minimums wherever you can. Even if it’s just $10 here and there. Putting down the debt is to pay more off each month – all those extra payments soon add up.
- Getting a second job is a nice solution, though it’s not always that simple. You could, though, think about what you are good at and sell your talents at a cost. Babysitting, virtual assistance and even takeout delivery are all side hustles that can pay off your debts.
- Snowball your debts. Arrange them in smallest to largest in what you owe and as you continue to pay the minimums on the larger debts, throw your spare cash at the smaller ones to pay them down faster.
- Go the beans on toast route. Well, not exactly, but you do need to consider how you’re going to strip down your budget so that you can pay your debts off quicker. Cutting your expenses down to as low as you can to do it is hard, but the hard bits are only temporary!
- Sell whatever you don’t need. This one can benefit you in two ways. Firstly, you can use the cash to pay off debts, and secondly you can declutter your house so that you are living a simpler life!
- Working seasonally on the weekends around your full-time job can be a huge financial plus for you. You’ll already know that retailers are always looking out for seasonal workers to come on board and keep their stores open in the down periods. New experiences and a chance to earn more cash.
- Negotiating with your creditors to lower your debts or freeze your interest can be a bold move, but it’s one that could be fruitful for you if you can pay debt faster.
- Drop out those expensive habits. A weekly night out with friends can be monthly, for example. Prioritizing your financial health is so much more important than you think.
- Look at ways to make money from home, start a blog, try freelance writing or be a mystery shopper.
These tips can help you get out of a hole of debt faster than you think!