You try your best to make your payments, but interest charges eat up all your progress. Next month, you’re back to square one. It just feels like you are stuck in a never-dending cycle of owning money to banks, credit card companies, and other lenders.
Sound familiar? Don’t worry: You don’t have to be stuck with debt forever. We reached out to several experts and got their best 13 tips for how to get out of debt. Here’s what they had to say.
Before you get into the nitty-gritty of debt payoff, start by figuring out the big reason why you want to be debt-free.
Once you identify the motivation for paying off debt, it’s time to figure out where you currently stand and devise a basic budget.
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Once you have a basic budget in place, take a look at your discretionary spending (AKA your “wants”) and look for opportunities to cut unnecessary spending.
You can only scrimp and save so much. In addition to cutting your spending, another way to pay your debt more aggressively is to earn more income.
It’s easy to feel overwhelmed when tackling your debt. Instead, focus on accomplishing one debt at a time.
Chloe | It's Not your 9 to 5