Right now, it might feel like you’ll never be able to dig yourself out of the hole debt has created, but everyone no matter how deep in debt they are can turn things around in the future. In fact, many of you reading this right now will be able to free yourselves from the burden of debt in less than 12 months, son of you could even be out of debt by the end of this year, you just have to knuckle down and do what needs to be done.
Here are some simple tips you can use to free yourself from debt in a matter of months:
Pay a Bigger Percentage
Obviously, if you’re struggling to pay the bills and feed your family, the last thing you want to do is bump up the amount of money you pay off your debts every month. However, if you have money to space once all your needs are taken care of, instead of spending it on frivolous stuff you don’t really need, divert as much as possible to your debts. If you’re only paying off the minimum every month, your debt will continue to rise and you’ll struggle to really get it under control, but if you pay 2,3 or even 5 times the minimum, you’ll get a handle on it pretty quickly, and you’ll be debt free before you know it.
Consolidate Your Debts
If you have a lot of different debts and you struggle to make the repayments either because they’re too expensive or simply because you have a tough time juggling them all, taking out one of the many poor credit personal loans available and using it to consolidate your loans into one manageable payment will help you keep on top of things and rid yourself of debt faster than you might have imagined.
Check Out Balance Transfers
If credit card debt is your main issue, one thing you could do is look for a credit card company that’s offering a three-year balance transfer deal. Transfer as much of your debt to this card as possible, and you’ll no longer have to pay interest. This combined with paying as much of your paycheck towards your debt as possible will help you to clear the balance much more quickly.
Curb Your Spending
Obviously, if you’re serious about being debt free in a year’s time, then you’ll need to curb your spending for a while, at least. Don’t buy anything that isn’t essential for the next 6-12 months and you’ll soon be debt free.
Get Rid of Old Debt
Did you know that some really old debts can be completely quashed? The statute of limitations on debts that are 7-10 years old or more can be eliminated in many states if you simply do not have the money to pay for them. All you have to do is talk to a professional debt management company or the consumer protection agency, who will be able to talk you through the process.
Have you eliminated your debts in 12 months or less? What are your top tips for financial freedom?