Do you want to Get Out of Debt FAST?
Here is one of the most frequently asked questions we get: “How
do I get out of debt?” The answer if pretty basic. Eliminating debt is about following a few simple steps:
- Stop going into more debt
- Spend less than you make
- Pay off your debt with the difference
This sounds simple enough, but the problem is that following these steps isn’t always so easy.
In fact, tackling your debt may be one of the hardest things you’ll ever do. You have to control your emotions. You have to educate yourself about everything from home loans to credit cards to credit scores. And you have to discipline yourself in the way you manage and spend money. The fact is that controlling your spending and paying off your debt is not an easy thing to do. But the good news is that you can do it. If you want to be debt-free bad enough, you can make it happen.
And to help you reach your goal of being debt-free, I’ve assembled a list of tips to GET OUT OF DEBT FAST.
Part One: Get to Know Your Debt
The first step in tackling any problem is to fully understand it. When it comes to debt, you should know everything about the terms and conditions of the money you owe. Here are some tips and tools to help you understand your debt.
- Put Your Debt On Paper: The very first step is make a list of the debts you have. The list should include the following information: The name, address and phone number of the creditor; the outstanding balance; the interest rate; the minimum payment; and any other information you feel is important.
- Take Advantage of Personal Finance Software: By now many people already have and use personal finance software like Quicken or YNAB (You Need a Budget). If so, you can use the tools within the software to record all of the debt you owe and to develop a plan to pay off that debt.
- Use Free Online Tools: There are many budget tools available online for free. These tools can track your debt and are easy to use. And it’s hard to beat free!
- Involve Others: It’s important that your spouse or significant other is involved in the process. If you don’t see eye-to-eye on finances, it can make getting out of debt even more difficult than it already is. It’s not uncommon for one spouse to take the lead in handling finances, and that’s fine. But you both should be on board, particularly as you develop a plan to tackle the debt.
Getting to know your debt is just the first step you need to take to get out of debt fast. Check in tomorrow for the next step...Create a Plan.
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