If you are truly serious about getting out of debt
Many consumers are over their heads in far too much debt, but few have the temerity to actually make the hard choices to take care of it.
Below we present 8 sure fire ways to get you out of debt. Stop the debt collection attorneys from calling, and begin a new life, without the burden of seeing all of your income, go to debt collections.
If you want the glorious retirement without the debt, the time for the hard choices is now
1. Clearly understand your situation
List all of your debt, every single one, along with their interest rates, and the minimum payments. Get your current situation catalogued.
2. Set short term, attainable goals.
As you reach an easy short term goal, it becomes motivating to reach for greater and stronger goals.
3. Start Paying your highest interest rate loans first.
Get the most bang for your buck. If you have a card at 4% interest, and one at 19% interest, making smaller payments on the first, and larger payments on the more expensive card will get you out of debt faster.
4. Trade In Big Ticket Items
Here’s where it starts getting difficult. Giving up what you don’t need. If you have a car that you can get $20,000 for, and can buy a used car on a lot for $10,000 – congratulations, you have $10,000 to pay off high interest debt, and begin enjoying a financially healthier lifestyle.
5. SELL
That’s right, sell, and make Craigslist or EBay your friends. Go through your possessions, and ask when you truly used it last. Exercise equipment sitting un-used in the corner – it might give you an extra $150 in cash on Craigslist towards paying off debt, and will free up a corner. Do you really need 2 computers, and an IPAD? There could be another $1,000 in there to pay off debt. When was the last time you brought out the party margarita mixer… 3 years ago? $50 on craigslist to pay off another card. Most people would be amazed at how much they have, that could be sold without any compromise to their lifestyle. Imagine though the lifestyle you would enjoy with no debt!
6. WORK
Good old fashioned “earn your way” through debt. If you truly want the lifestyle of not paying every penny to debt collectors, to have money to retire on, to be able to get your family what they need, then what about… Earning It.
Overtime, an Internet based job, phone sales, baby-sitting, is a second job, not a career. Find something to bring in extra dollars, and apply everyone of those dollars to paying down the debt. A short term of extra work, will win the rewards of a lifetime with manageable finances.
7. REWARDS
When you hit one of your short-term goals, allow yourself a reward. That reward does not have to be a trip to Europe, or a $200 shopping spree. Instead, how about an extravagant coffee at the local specialty coffee shop, with someone important to you to celebrate the success? Why not a post on social media, congratulating yourself to beating down another debt? Let your friends be supportive, or better, envious.
8. WINDFALLS
Did you just get a bonus? An IRS refund? Inheritance? Windfalls often “go up in smoke” with people afterwards saying… What happened? Don’t let your windfall vanish into the daily grind of spending. Kill debt, and have that windfall give back to your over a lifetime of financial security.
Hard choices, for a great life!
