Debt Help
3 easy steps that will help you get out of debt fast
I am often asked a question “Can I really get out of debt? How can I get out fast?”
Answer to this often (actually most often) asked question is “YES”
All you need is a little planning on your side, a lot of discipline and you will find yourself soon living a debt free life. I have seen people doing and have done successfully. Where most people fail is at the start. Yes, the important thing is to start, start somewhere.
1. Don’t even think of “New Debts”
Why am I telling this? Think for a second and it will be obvious to you that assuming a new debt really is counterproductive. You are trying to get out of a hole and do you really want to dig deep and do you think if that is going to help you? If it sounds silly to you, chances are you already got an “A+” for this, but I am talking to others. There were situations which went seriously out of control, just by not following this piece of advice. It’s not doing any good to you, rather worsening the situation. Debt as always snowballs and before you even realize it creates another pain point.
2. Spending habits – “ A Penny Saved is a Penny Earned ”
Saving money really is hard slog and happens a penny at a time. I am not asking your to be stingy or frugal, but just think before spending and take every opportunity to save. Eat well and stay healthy - no compromise on that, but start observing your spending pattern. Soon you will see a lot of unnecessary expenses and you can work on it. Plan, budget and do not over spend. If you have the habit of procrastination, use it to your advantage and push all the unwanted spending for later. (I will write a separate article on Shopping/saving tips.).
Know the difference between wants and needs. They are not the same. Everyone may know this intellectually, but be honest to yourself when it comes to the things you purchase.
When you say “I badly need ______(fill in the blank)”, do you really mean it? Actually the meaning is “I really want _____(fill in the blank)”. So ask yourself the same questions a little differently. Something like this “Will I die if I don’t have ____?” or “Will I lose my job if I don’t have ___?”
Ask “Will I ______(fill in the blank with adverse consequences) if I don’t have (or do) ________(fill in the blank with your wants)?”. If you genuinely answered yes then that is a real need and you have to address it, else you should pass on.
3. Work more, Earn more
Take part time or second job and make more money. Ask for an increase in your salary. Or do anything that will increase your income.
I know a friend of mine, who was about to get rid of a lot of junk he had in his apartment. Someone suggested him to put in on eBay, eventually he got rid of those and even made some money, not to mention that he needs a smaller place to rent from then on. So be creative enough to find other ways to make money.
Conclusion:
Getting out of debt is easier than you think. Follow a plan, spend less, don’t borrow any more until you are paid off and be disciplined to follow the plan. You will soon realize that it’s easier and faster to get out of debt. These tips are just a prerequisite to debt elimination. Once you are on track, tackling the debt will become much easier. Check the other post on unsecured consolidation loans for debt consolidation options.
Don’t stop once you are debt free, follow this advice and create more wealth. The same secret recipes have made many wealthy and the same will make you too.
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10 comments for “3 easy steps that will help you get out of debt fast”
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[...] good consolidation service. A professional debt management company should help (Check here for more Debt Help) you explain the pit falls that you might come across, the pros and cons of assuming an unsecured [...]
Have a suggestion. You should probably sub-categorize it under something like “Pre-req to get out of debt” or Additional debt help. But its a very nice post, lot of take-aways and it really is debt help.
Maravilloso articulo! Por favor escriba mas sobre este tema.
why have stopped with just 3 steps. you should be giving more advice, like 10 tips or something. i know these are critical and you drafter the post really well. thanks
[...] good consolidation service. A professional debt management company should help (Check here for more Debt Help) you explain the pit falls that you might come across, the pros and cons of assuming an unsecured [...]
[...] good consolidation service. A professional debt management company should help (Check here for more Debt Help) you explain the pit falls that you might come across, the pros and cons of assuming an unsecured [...]
[...] and be disciplined to follow the plan. You will soon realize that it’s easier and faster to get out of debt. These tips are just a prerequisite to debt elimination. Once you are on track, tackling the debt [...]
Nobody should need to have debts!
What is a credible debt consolidation company?
Will this kind of company hurt my credit score? If so what is the average time?
I have 50K in cash from a second mortagage I took from a property.
I have 80K n debt. Should I take the whole amount and pay off as much as possible or am I better keeping the money and consolidating my bills with a comapny?
Please advise. Our over head is very high and i’m frightened to let our money go but would also like to get out of debt.