3 Ways To Destroy Debt Fast

by Guest on May 4, 2010

Recovering from a snowball of debt can seem nearly impossible, especially for those with only one income or even a part time income. Although there are many options – debt consolidation, financial advising, an experienced debt assistant, etc.; however it is always wise to consider all options.

1) Obtain a Second Income

One of the easiest ways to destroy debt fast is to acquire a second job, either full time or part time. Since you are already living on one income, the entire second income can be put towards your debt. Almost every debt assistant and financial advisor will suggest that you pay off the debts that charge the highest interest first, in an effort to save you from paying solely interest.

Unfortunately many people are unable to work a second job, or do have a second job and literally do not have the time or energy for a third. If this is your situation then consider working from home. Many jobs such as web designing, content or blog writing can be done at home. An experienced debt assistant may offer resources to help you find a flexible second job to fit your needs.

2) Consider a Lifestyle Change

A second option is to change your lifestyle, such as cutting costs and monthly expenses. Decide what bills are un-necessary, for instance cell phone bills, cable bills, satellite, insurance for multiple cars, etc.  In addition, you can sell some smaller, less important items such as books, textbooks, collectable items, baby items (old cribs, strollers, high chairs, clothes, toys, etc.), or old electronics. Craigslist or eBay are excellent ways of selling these items, although if you are not tech-savvy or do not have access to a computer, consider a yard sale. Weekend garage sales will likely bring you at least a few hundred dollars that can be put towards debt payments, and will help to relieve unwanted stress.

3) Contact a Professional

Many people are unable to obtain an additional income, and may have already changed their lifestyle as much as possible. If you are in that position you may want to consider contacting a professional. There are many non-profit credit counselling agencies which will help you without cost, and give you the resources you need to manage your debt. Each situation is unique, which is why it is important to have an individual session and get advice catered to your needs. A good debt assistant will teach you how to set up a budget and give you practical information as to how to put it into place.

Although it takes an average of up to six years to recover from debt, it can be destroyed sooner. Additional income as well as a significant lifestyle change should help you take years off of your debt!

 

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{ 2 comments… read them below or add one }

Alex May 4, 2010 at 12:55 pm

This is an excellent article. I’m in the process of doing all of these things as we speak and i’m really learning that ultimately the lifestyle and spending behavior change is the biggest thing for me in regards to getting out of debt.

McintyreLorena20 July 5, 2010 at 8:16 pm

If you are willing to buy a car, you would have to receive the http://lowest-rate-loans.com. Furthermore, my mother always takes a financial loan, which seems to be really firm.

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