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.

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