7 Guaranteed Ways to Get Rid of Debt Fast
Saturday, July 28, 2018, 6:00 PM | Leave Comment
If you happen to find yourself in debt, this is a completely expected situation. Remember, it’s a consumerism society we’re living in, so we are constantly being persuaded to spend more than we can actually afford.
Also, obtaining credit cards or getting a loan approved has never been easier, precisely in accordance with the before mentioned consumerism.
Eventually, it’s no wonder we have a debt or more to resolve. Bearing in mind they’re a constant source of stress, here are 7 suggestions on how to get rid of your debt as soon as possible.
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Stop spending
Stop right this moment. Overspending is probably what has got you into this problem, so now it’s high time you obeyed the advice which you have told yourself over and over again. This way you’re immediately saving cash you would have otherwise spent on something which isn’t a priority. Define what is absolutely essential to afford, and forget about the rest.
In addition, it’s highly advisable to stop using credit cards. Monitoring your financial balance is much easier when you are only dealing with cash instead of a dozen of confusing accounts.
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Get informed
It’s always advisable to monitor the changes in the world of finances regarding indebtedness. Of course, the whole principle about repaying your debt is about earning more than you have before, but there are also lots of other options which can be extremely useful.
Perhaps you are eligible to changing the terms of your debt agreement, or there is a fine debt consolidation opportunity. Therefore, find your information at the right place. Your friends and family aren’t the most reliable source of financial news. It’s much better to consult with the professionals to get some in-depth information.
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Start freelancing
There are so many things that you can do which don’t require much time, and yet can become a new source of significant income. Try to find paid online surveys, for starters. Maybe you have a skill which you can earn money with, and turn yourself into a consultant.
There are plenty of online courses looking for native speakers of your language. Perhaps you could be a virtual assistant for a few hours a week. The possibilities are almost endless.
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Use the snowball method
If you’ve managed to create several debts, here’s a strategy which works. It implies paying off all of your debts regularly, if possible. The trick is to discern which are the least and the biggest debts you have.
Whenever you have extra money on your hand, invest in solving the smallest ones first, as this will soon enough leave you with only the biggest part to focus on. In addition, it gives you a sense of achievement and wind in your sails to proceed.
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Put your things on sale
Getting rid of debt is all about priorities, so take a good look around you and make a list of all your possessions which are no longer useful to you or hold any sentimental value. However, that doesn’t mean someone else isn’t in search of that particular object.
Organize a garage sale, or put things up for sale online. Depending on what you offer, you may not get much, but it’s definitely better than nothing, and it only takes away a small portion of your time.
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Negotiate your way out of it
Though it may sound obvious and too good to be true, it’s actually quite possible and people are doing this all the time. If you feel your interest rate on your credit card is too high, you have every right to call the bank and complain about it.
It may come as a surprise, but some banks are actually willing to lower your interest if you have been paying your bills on time so far, thus proving yourself to be a good client. Naturally, you will not hear your bank boasting about the fact, so it’s up to you to make the call and start the discussion.
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Use the windfall
It doesn’t happen very often, and it certainly isn’t always as big as you are hoping, but you have to admit every now and then you get hold of some money you didn’t count on.
Perhaps it’s a bonus at work, or a tax refund that you have completely forgotten about. Whatever it is, act fast. Put it aside for debt payment, and never look back. It’s only too tempting to waste some of the extra cash in the middle of tackling debt payment, but use the gift wisely and invest in lowering that interest rate, for example.
Admittedly, it took you awhile to accumulate the debt, so don’t expect all of it to simply disappear overnight. Nevertheless, with these suggestions you are bound to speed up the debt payment process as much as it is possible.
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