6 Ways to Get and Stay Out of Debt

September 15th, 2017 | Author:

[I]f you’re like most people, you have some debt. For many, that debt may be overwhelming and even crippling. You can’t do things you’d like to because you have to pay too many credit cards and loans. Here are six ways to get out of debt and stay out of debt.

Get Out of Debt

To get out of debt, you have to either increase the amount you’re earning or decrease the amount you’re spending. Ideally, you will do a combination of both. Here are three suggestions to help you do this quickly.

• Get a second job. Thanks to the internet, you can even find work from home so you aren’t away from your family all the time. A second income can be put towards your debt.
• Sell stuff. Find things you own that you no longer use and sell them. Pay on your debt with whatever money you get.
• Find one expense to cut each month. Look for ways to save in your budget. So that it isn’t too restricting, pick one thing to cut out and put that towards your debt. It may be eating out or stopping for coffee or it may be cutting down your grocery expenses.

Stay Out of Debt

Once you get out of debt, how do you keep from getting back into the same situation? Here are three suggestions to help you achieve long-term success.

• Pay Cash Only. You can have a credit card, but don’t carry it with you. Get in the habit of paying everything with cash. Once the cash is gone, you can’t buy anymore.
• Save money first. Open a savings account and put money in it first on every payday. If you wait until after everything else is paid, you won’t have any left.
• Set up automatic payments. Late fees can add to your amount owed, which can spiral into major debt.

If you try all six of these tips, you’ll find it much easier to enjoy life debt-free.

Newest Answers

Common Myths on Building Credit

October 21st, 2017 | Author:
h

If you are just starting out on your own, you may have a hard time getting credit cards or loans because of a lack of credit history. You must build credit to get access to the best credit cards and loans, but you can mess things up if you don’t know how to do it […]

Continue Reading »

3 Things to Do When You Know You Can’t Pay a Bill

October 20th, 2017 | Author:
h

One of the worst feelings you can have is when you have a bill coming due and no way to pay it. You have either spent all of the money or you have to spend it on something more important. You don’t want to have to deal with those phone calls from creditors because you […]

Continue Reading »

Why You Should Change the Due Dates on Your Bills

October 11th, 2017 | Author:
h

[Y]ou open up the credit card statement only to see another $30 late payment fee assessed. Ugh! You can’t believe you forgot to make a payment on time again. In between running the kids to daycare or school, meeting with clients and taking care of errands on the weekends, some things just get pushed aside. […]

Continue Reading »

Good and Bad Reasons to Have a Credit Card

October 10th, 2017 | Author:
h

[G]etting approved for a credit card is a sign of responsibility. It can give you freedom with your finances. For instance, you can book a hotel or buy airline tickets, which would be difficult without a card. You should know why you want a credit card and understand if those reasons are good or bad. […]

Continue Reading »

Should You Avoid All Debt?

October 6th, 2017 | Author:
h

You hear financial experts preach about getting out of debt. They tell you to cut up your credit cards and pay for everything with cash. While some people may need to follow this advice, you may wonder if it’s the case for everyone. Should you avoid ever having any kind of debt again? Not Avoidable […]

Continue Reading »

Why Fall is a Good Time to Learn to Save Money

October 2nd, 2017 | Author:
h

[T]he busy summer season is behind everyone, and the upcoming holiday season is a few weeks away yet. Now is the time to focus on goals you have set. One of the most important is saving money. Fall = Transition Time You are transitioning from the lazy days of summer, times when you spent a […]

Continue Reading »

How to Protect Your Identity at Home

September 27th, 2017 | Author:
h

[W]hen you hear about identity theft, you may think about all of the public computers in use as well as the credit card machines in stores. While these are all areas that are vulnerable to hackers and those who want to steal your identity, one of the most dangerous areas is at home. Why? Because […]

Continue Reading »