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7 Tips for Getting Out of Debt Quickly
Debt. It isn’t just bad for your financial life — it’s bad for your personal life. There are few things that are as stressful as debt, and when you’re drowning in bills, it can feel impossible to get back on top.
But there is hope. There are actions you can take in order to recover, get out of debt, and start moving on with your life. Here are seven tips for getting out of debt quickly.
1. Create a Debt-Management Plan
With or without assistance, you can create a plan for managing your debt. Generally, this means putting all your extra money every month into the most “expensive” debt you have — the debt that has the highest interest. If you don’t have money to set aside to pay off your debt, you may need a strategy or discipline to start spending less. But this isn’t going to be the fastest method. It will usually take at least a few years, depending on the amount of debt you have.
2. Enter Into Bankruptcy
Bankruptcy can be a fast way to get out of debt because it completely wipes out your debts. Plus, once you start the process of bankruptcy, your creditors can’t continue to hassle you. But a bankruptcy will follow you for some time. Bankruptcy can take seven years to disappear from your credit report. Bankruptcy also involves selling your assets to pay off your debts, something that you might prefer to be in charge of.
3. Take Out a Consolidation Loan
If your credit is still fairly good, there’s always the option of a consolidation loan. A consolidation loan is a loan you take out to pay off your other debts. It consolidates your debts into a single low-interest loan. For instance, a credit card with a 30% interest rate becomes an installment loan with 5% interest. This low-interest loan is much easier to pay off, which means you’ll be able to get your debt handled much faster.
4. Sell Large Assets
If you have a second car, now may be the time to sell it in order to get out of debt quickly. Any large asset that you aren’t using can be sold in order to get your finances straight. It may be time to declutter your home and sell a few things that you don’t need so you can keep up with your debt.
5. Get a Second Job
Many people work second or even third jobs in order to clear up their debt. If you can work just a couple extra hours a week, you can put all that money toward your debt and start paying it off. When your debt has been paid off, you can set aside that money in savings instead. Getting a second job is easier than ever today with gig-type positions and work-from-home jobs.
6. Settle Your Debt
If you’re delinquent in your debt already, it’s possible to settle your debt with creditors. Tell them that you can pay your debt off, but only with a partial payment. They may be able to settle your debt for less in cash. The downside is that you’re going to need the cash to pay them right away. But if you can do something like sell your home (discussed next), then you may be able to settle your debts for a fraction of what they’re actually valued at.
7. Sell Your Home
If you have a home with equity, selling it is often the fastest way to get out of debt. And selling doesn’t require you to deal with the expensive, lengthy process of working with a real estate agent. Selling your home can be simple and easy with a cash buyer. They buy houses as-is and can close in a matter of days. You’ll receive cash in hand and can start paying off your debts right away. Then you can move on with your life with fewer stresses and a brighter financial future.
Don’t let your debt hold you down. We Buy Killeen Houses is ready to buy your house. We won’t ask you to make any repairs, the process is fast, and there are no fees. Contact us for a no-obligation cash offer.
