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5 Simple Steps To Get Out Of Debt

Being in too much debt can cause strains on your health, your relationships and even your job. By learning and adhering to these quick and simple steps, you can become debt free and stay that way in no time.
wipe out debt
Cut up the extra credit cards
Spending hundred each month on interest is not fun especially when you can barely afford to pay your cards back. Most people can get away with having one credit card for emergencies or one off purchases. If you have more than one credit card choose the one that is best for your situation, the one you can afford preferably with a low interest rate and cut up all of the others. This will allow you to pay back your debt without incurring further interest charges.
Create a list of expenditures
Creating a list of what you spend each month can help ease the stress of financial debt. When you can see exactly where your money is going, you will be able to decide if you can cut back in certain areas. You may be spending atrocious amounts on takeaway or restaurants or even on entertainment. These are areas where you can make a conscious decision to cut back on and put the saved money into paying off your debt.
Use an online budget calculator
Budget calculators can be found online for free and are great little tools to help you get out of debt. By working out your budget for each month, you can then see how much is left to pay back your debts.
Spend less and sell more
Instead of spending heaps of money on brand new items, why not shop second hand? There are plenty of great items to be found at thrift shops and second hand stores, some that are like new and have never been used. You can also make some extra money by selling your unused goods on sites like eBay and Craigslist. If all else fails, have a yard sale and put the money you make towards your debts.
If all else fails, get a debt consolidation loan
If after all of this you realise that you still cannot afford your credit card or loan debts, it may be time for you to consider a debt consolidation loan. These loans are great options for people with a lot of debt owing to different lenders, at different interest rates. Having a lot of debt owing to different lenders can become confusing, frustrating and stressful. You may want to give up all together.
Debt consolidation will help you put everything you owe into one large loan with one fixed interest rate from one lender. This means you will know exactly how much you need to pay off your debt each month saving you the stress of having to work it all out yourself.
Being in too much debt is never a good thing but there are always ways to get yourself back on track. By using these tips, you should now have some ideas about becoming debt free.

Featured images:
  •  License: Creative Commons image source

About the Author:
Patrick Garde is a graduate of financial accounting and is a contributor at Girl Meets Debt, a personal finance blog about a recovering shopaholic’s journey with the intention on overcoming debt and becoming financially responsible.

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