Connect with us

Finance

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.

Continue Reading

Recent Posts

General2 weeks ago

Invigorating Your Wheels: Mastering The Art Of Car Painting Techniques

Have you ever marvelled at the glossy, vibrant colours glossing over cars as they zip past you on a sunny...

Home Improvement2 weeks ago

The Ultimate Guide: Preparing For Packers And Movers

Moving homes is a significant event in everyone’s life that can evoke a myriad of emotions. Excitement, optimism, sadness, and...

Science2 weeks ago

The Impact Of Polycarbonate On Eco-Friendly Production: An Exploration Of Sustainability In Design

Have you ever wondered about the role of modern materials in shifting our society toward more sustainable and ecological ways...

Law2 months ago

Understanding the Eligibility Criteria for Indefinite Leave to Remain

A migrant to the UK has the right to make a permanent move to the country without any immigration restrictions...

Home Improvement3 months ago

Mastering The Maintenance: Breaking Down The Basics Of Your Ducted Heating And Cooling System

Welcome, fellow home enthusiasts! Ever find yourself lost in the labyrinth of your ducted heating and cooling system? Have you...

Business3 months ago

The Invisible Hands: Unveiling How Food Distributors Influence the Quality of Our Foods

Ever found yourself wondering why the tomatoes in your salad taste particularly fresh or why your preferred brand of coffee...

Marketing3 months ago

Webflow CMS: A Comprehensive Guide

Webflow is a powerful tool that allows you to create and manage dynamic websites without needing to code. It’s a...

Business3 months ago

The Three Most Important Benefits You Should Offer To Your Employees

Offering your employees a range of benefits on top of regular salary increases will really help to show that you...

Business4 months ago

Business Tips For Protecting Your Finances During A Recession

In 2024, taking the necessary steps to protect your finances for your business is now more important than ever. The...

Green & Energy4 months ago

Air Conditioning Installation: What You Need to Know

When it comes to getting an air conditioning unit installed, can significantly improve your comfort and home environment, especially during...

Marketing4 months ago

Marketing Tips For A Gym Wear Brand

When starting a gym wear brand, there are a few things you need to do and one of them is...

General5 months ago

Social Media Marketing: What Are All The Types?

Social media marketing is a tool that is a must-have in today’s digital age. it’s very rare that businesses can...

Business5 months ago

How To Become A Property Developer

There are several reasons why an individual will want to become a property developer. One of the main reasons for...

Business6 months ago

Remote Delivery Innovations: Case Studies from Leading E-commerce Brands

People have gone through much change in the past few years when it comes to online shopping. Nowadays, when delivery...

Business6 months ago

Why are Brits turning to online-only banks?

For years, large, conventional banks held all the aces when it comes to citizens’ finances in the UK. HSBC, Lloyds...

Categories

Archives

Trending