Quick Fix Ideas to get out of Debt | Get Financial Freedom Tips | Transform Your Financial Future


Friday, February 21, 2014

Quick Fix Ideas to get out of Debt

Getting out of debt is not an easy feat to accomplish, and when you finally get out of debt it’s only half the battle. Financial freedom takes a lot of planning and responsibility and often it means you have to make many changes. Trying to get there from a place of debt can be challenging, but it is not impossible. While the road to financial freedom is a long and arduous one, there are some quick ways to get you jump-started and on your way to better choices.

get out of Debt

As you begin on the road to financial recovery, here are some helpful ideas that hopefully bring about some changes more quickly.

Consolidate Your Bills

Being in debt, it can be difficult to get a loan or consolidated interest rates from a bank. Or if you do, it is often inconvenient and more expensive over time. But having multiple bills with high interest rates will not help you to chip away at your debt. A simple solution to try and rid yourself of multiple payments and interest rates is to get a quick-fix loan, like a title loan. Major title companies will provide you with quick cash taken against the value of your car. This gets quick cash in your pockets and allows you to pay off some of your debts without losing any property or going into further debt. When you can get your debts into fewer monthly payments, you have more control and freedom to start saving money.

Win the Battles, and the War

Debt, mainly with credit card companies, comes with much more than a monthly statement balance. Many companies have additional costs and fees that you might not pay attention to, but that are adding to your full amount of debt. Luckily, credit card companies are required to disclose all fees, which could help you when you are opening up a credit card. If you know what these fees are, you can avoid them. NerdWallet provides helpful information about knowing how to duke it out with credit card issuers so that you are not “spiraling into a bottomless pit of debt and despair.”

Be Fickle

Being in debt means change. The sooner you realize where your downfall is, the sooner you can make better decisions to get out of debt. It can be difficult to give up everything, but making some frugal choices could save you a lot of expenses from month to month. While US News suggests that you give up your car and refrigerator, the changes you make might not have to be that drastic. Thinking ahead and buying essential supplies in bulk can minimize your grocery bill, or giving up your daily starbucks trip could save as much as a full tank of gas each month.

It certainly takes effort to start saving money, and the challenge is not an easy one. The most difficult part is breaking certain routines and changing our ways of life to better our financial situations (old habits die hard). But with some quick changes and consolidations, you can lower the amount of debt you have, which will get you out of debt more quickly. No one wants to live with this burden, but sometimes it is unavoidable. How you manage your finances will determine how quickly you recover from debt and start moving ahead in life.

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