Tuesday, February 25, 2014, AM | Leave Comment
Getting out of debt is a difficult task, but with careful preparation and effort, it can be done. There are several distinct things that you can do to relieve yourself of the financial burden that comes with having a large amount of debt.
Here are five strategies that you can use.
Get Some Extra Income
There are many ways to earn some additional income, and this is an excellent way to reduce debt more quickly. You can take on a part-time job; retail and fast food are frequently hiring, and starting in September, seasonal businesses are plentiful. These are ideal if you are just looking for a short-term opportunity to make some more money. Another good option is advertising your services for neighborhood services such as babysitting, dog-walking or mowing lawns. Put all the money you earn toward paying down debt.
Start Using Coupons
Maybe you’ve never been a coupon clipper before, but when you’re in debt, every little bit helps. Start scouring the Sunday paper for coupons to help make your next shopping trip put less of a pinch on those pennies. The less money you spend on groceries, the more of it you can use to pay off those credit cards.
Cut Out Expenses
Look at the things you’ve been buying and see where you can cut corners. If there are any expenses that are not necessary, now is the time to be frugal. If you can get along without services like cable or a land line it can save you a bundle, though you may have to wait until the end of the contract period to cancel. Reduce or eliminate dinners out and shopping trips for new clothes; all the money you save each month will get you out of debt faster.
Prioritize High-Interest Cards
If you have several different credit cards, make sure you pay the minimum balance on them all, but put as much extra as you can afford onto the card with the highest interest. Once that is paid off, do the same with the next-highest card, and so on. This will save you considerable interest in the long run.
Get a Lawyer
Sometimes the process of getting out of debt just seems overwhelming. If you can’t wrap your head around what to do, go to experts such as Debt Relief Attorneys Lynch & Belch, who can give you seasoned advice on how to reduce your financial stress and attain freedom from debt collectors.