7 Ways to Get Rid of Your Debt Permanently
I know what you’re thinking right now. “Oh no. Another list of ways to help people get out of debt.” But what you may not have heard before is that what works for one person won’t necessarily help another. Debt management can be a tricky subject. If you would like to get out of debt (and who wouldn’t), ask yourself “Have I tried everything?” To start first decide which techniques could work for you and then adopt them into your lifestyle. The following are just a few ways to help reduce debt and eventually become debt free.
Find additional sources of income for yourself. I am a graphic and web designer by trade which makes it easy for me to find side work for myself. I network and go to meetings with like-minded people who sometimes need design work done. Eventually the conversation leads to “Do you know someone who does this…..?” If you have a hobby you can monetize or have skills, such as computer or writing skills, you can use this to your advantage when looking for part time gigs.
Stop adding more debt. Yeah, it sounds simple but this is the main reason some people just can’t get out of the hole. Start by cutting up credit cards if you have a habit of going overboard with the plastic. Also make a monthly budget for yourself and follow it. If you want to get a big ticket item like a television or car, save. And never make impulse buys. Impulse buying to a person in debt is like sun to a vampire; just avoid it.
Cut up your credit cards. If you are prone to just handing over the plastic everytime you walk into a store and not give it a second thought you need to cut yourself off from your credit cards. If you are a smart spender, continue to be, but remember to always pay off the cards every month to avoid any and all interest charges.
Pay more than the minimum payment. To avoid the interest which comes with debt, always pay more than the minimum payment. In the end you’ll get it paid off faster and you’ll be paying less overall. Just make sure you allow for the higher payment in your budget.
Always be on the lookout for a higher paying job. The more money you make the easier it will be to pay off debt. Just don’t splurge when you do get that new job, or your debt will grow.
Change your spending habits. Are you the person that stops into Starbucks every morning and picks up a $3.50 coffee? That equates to $17.50 a week and about $900 a year! Simply cut these non-essentials out of your lifestyle. And when grocery shopping, try to shop cheap instead of going with name brands. Your wallet and bank account will thank you.
Start an emergency fund. By putting aside small amounts of your paycheck, monthly, you can avoid borrowing again when you have an emergency. Note: An example of an emergency would be your car breaking down, not the big screen television sale over at Best Buy.
So that’s it. These are just a few tips to help you get rid of your debt permanently. Not every tip may work for you, but try a few and if you see an improvement in your finances, try a few more. You have nothing to loose, but your debt.
This blog supports
Students cannot default on their student loans. However, if you borrow against a credit card, pay off the student loan or most of it with this borrowed money,
then file for bankruptcy - your credit rating will be bad for ten years and then it will be over. If you continue to try to pay off your student loan with the wages you will make after thirty years of the Republican downward
spiral in wages, diminishment of healthcare coverage, importation of cheap labor for mega businesses such as home building, agriculture, packing - and thousands of others, student loans will probably take the average 32 years - or even more - to pay off.
The Republican Political Machine has been the most destructive force in American history. And now we are stuck with a five trillion war debt which will cause unimaginable inflation.
Act now and if you have a credit union account and a Sears credit card account- don’t include them in the bankruptcy filing. The Sears card can be a lifesaver when your refrigerator goes out. When you eventually work out of bankruptcy - the credit union accounts can offer some savings for large purchases.