Being in debt sucks and can be extremely stressful, however with
determination and discipline, there are some simple and effective ways to get
out of it. Here are 4 totally simple ways to get out of debt.
Rather than 'bury your head in the sand', look at the reality of
the situation, go through account statements etc. and be sure of how much you
owe. If your total debt seems high, just remember that from the day you make up
your mind and start paying off your debts, it really can only go down from
there.
Decide on What to Pay Off First
You need to 'strategically attack' your debt and to do this you
must first prioritize the pay off of your debts. This prioritization should be
based on the time frame you have and the interest rates (if any). If there are
interest rates, then it's best to pay off the debts with the highest interest
rates first. Prioritizing the pay off your debts will make it easier to come up
with an effective plan to get out of debt.
Get Rid of Temptations
You definitely don't want to be incurring more debts when trying
to pay off present ones. Consequently, you should do whatever you need to do to
ensure that you discipline yourself enough to resist falling into the 'debt
temptation' again. If you have to get rid of all your credit cards and stop
using them all together, then you should. If you have to ask friends to turn
down your request to borrow money from them, then do it. Basically, whatever
you need to do to resist the temptation to borrow should done promptly.
Consider Your Hidden Income
Hidden income more or less has to do with cutting the costs of
everyday bills and items (you probably never thought you could save money on),
where and when you can. Saving money on these everyday bills and items can
easily help to free up more cash towards paying off your debts. Challenge
yourself to do this and see just how much you can put together for your next
debt payment. It always best to 'wipe out your debts' so you can have your
financial freedom.
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