The endeavor to get out of debt is never an easy one and it will take a lot for you to get there. You need a plan and you need to stick to it.
Mainly, you need to be willing to do what it takes to get out of debt.
If you hate debt enough and truly want to be free of it, then this will come easy to you.
However, if you are not really serious, then you will find the options below to be impossible for you to follow.
The first thing you must do is start cutting as many expenses as possible. This will take a lot of time and effort because it means you need to go through all of your bills and find out exactly what you are paying for and what you can get rid of. Really take a good look at it and focus on needs versus wants.
Your goal is to get rid of everything that you don’t need. Remember, it isn’t going to be forever, only until you are out of debt.
Then you can start adding the things from the want category back into your life.
Things, like reducing your phone bill and conserving electricity, are great ways to start.
Do you really need the unlimited data plan?
In addition, how important is it that you have all the premium cable channels?
How about eliminating your TV bill altogether and only having Netflix?
Or maybe get rid of Netflix and only have TV.
You need to take a hard look at all of your bills and see how many things you can live without.
Notice I said your bills not your spouse’s or the expenses for the kids. Look at yours and then look at everyone else’s as a whole.
An important part of cutting expenses is making sacrifices. In order for you to get rid of your credit card debt, you must make sacrifices.
That could mean not having TV for a while. You, personally, need to take the lead. That means setting the example for everyone else.
If the rest of your family sees that you are leading by example then it will be a lot easier for them to follow along with the program.
In addition, you may have to reduce your electricity bill by unplugging devices when they are not in use. This will be a little extra work but will add up to some nice savings.
You may even have to stop going out to eat, quit the bowling league, stop getting your favorite magazine, no more trips to the salon, et cetera.
Whatever the case may be, you need to make sacrifices. You put yourself in debt because you were unwilling to make sacrifices.
You gave into instant gratification because you had to have something right away. Now you must sacrifice so you are no longer working to pay the lenders.
If you really want to get out of debt then you will also need to start working harder.
That doesn’t mean working like a dog until your bones break. No, it means picking up some overtime, working extra hours, maybe even getting a second, third, or fourth job.
You need to find some more hours to work so that you can start bringing in some extra money.
Your goal is to start making as much money as fast as possible. The sooner you make more money, the sooner you can get out of debt.
Take all of that extra money that you make and put it all towards your debt.
Yes, I said “all” twice. You must put ALL of the money from any additional income source toward your debt.
Don’t take a vacation. Pay off your debt!
You aren’t going to have to work like a slave forever. Only until you are out of debt. The borrower is a slave to the lender, therefore, you must work to free yourself from this bad situation.
Getting out of debt is never easy. However, you got yourself into debt, whether through your own spending or your lack of counsel and someone else’s spending, so it is up to you to get yourself out of debt.
You can receive help and advice but it is up to you to make the payments. These articles here may help.
No matter what, it is going to take hard work, determination, and sacrifice but you can do it.
You will do it and then you will be free because you’ll never want to go through it again.