If you are swimming in a sea of debt and not quite sure what to do about it, don't feel like you are alone; millions of people out there are just like you and wondering how to get out of debt fast. No matter how deep of a hole you are in, rest assured that it is definitely possible to crawl your way out and get to a place where financial woes are a thing of the past. The following are ten proven ways to get out of debt fast.
1.Write down all your debts.
Make a list of everything you owe and write it out it on paper, including information about the lender, amount owed and interest you are paying on the money. Once your debts are all laid out in front of you in a clear manner, you can begin to formulate a plan. Visualizing what you owe is the first step towards tackling it.
2.Ceate a plan and a budget.
Figure out how much you owe, and how much you make and spend every month and calculate how much money you can put aside towards debt every month. In addition, decide which debts you will tackle first. A good way to do this is to start with the smallest amount owed. Once that is paid off you can move on to the high interest debts, and then finally on to the debts with lower interest rates.
3.Involve others.
Everybody needs a helping hand once in a while, and debt is a serious problem that often requires the support and guidance of people around you. If you have a spouse, make sure you are on the same page about tackling the debt and curtailing your spending. Friends and family members can also help by supporting your decision not to spend excessively while you are in the process of paying down debt.
4.Don't spend more than you make.
While it may be tempting to buy that new phone or go out for an amazing meal, don't do it! If you really want to get rid of debt fast, you have to make sure you are spending your money only on the things you really need, and of course paying off the debt down.
5.Consider talking to a credit counselor or financial advisor.
An expert can take an objective look at your money woes and give you invaluable advice on how to get your finances in order. While many counselors and advisors charge money, it may be a worthwhile investment if you are having trouble going it on your own. In addition there are many free online resources that you can use to help you plan your budget.
6.Be realistic about your debt.
If you truly want to see results, you need to be honest about what is actually achievable. Don't bite off more than you can chew in terms of debt payment, or you could end up getting frustrated and disillusioned, or even worse – in more debt.
7.Put aside an emergency fund.
Of course it is tempting to put all your extra money into your debts in order to pay them off faster, but this might backfire on you if an emergency situation arises, and you have no savings to cover it. People who know how to get out of debt fast always have an emergency fund ready so they don't return. Put a little bit of money aside every month for emergencies only, and that way if something happens, you won't be dipping in to your already bloated credit accounts.
8.Negotiate for better rates.
You would be surprised what you can get if you just ask. Many banks can offer better mortgage rates and lower interest rates on credit cards if you just do a little bit of research and aren't afraid to ask.
9.Consider getting a second job.
If you have the time and energy, a second job can bring in extra income that can be used to quickly pay off debts. If you have a spouse that doesn't work, now is the time to start searching for something that can bring in some money. Even a part time job just a few hours a week can do wonders for your bank account. Increasing your income is the most direct method of getting out of debt fast.
10.Get creative.
There are hundreds of ways to save money, from using green energy in your house, to finding free forms of entertainment, to riding a bicycle to work instead of using a car, to using coupons to do your shopping. The possibilities are endless, and you may just find that besides saving money, you may actually be bettering your life and having fun in the process.
Debt is a serious problem that millions of people suffer from on a day-to-day basis. The good news is that it is not the end of the world. Debt is certainly manageable, and by following these steps and staying focused and motivated, anybody can get out of debt fast and start enjoying a world free of financial woes.
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