Five Clever Ways To Get Out Of Debt

Posted April 20, 2021 by in Lifestyle

Debts are very easy to get into, but nowhere near as easy to get out of again. Credit card debt is some of the dangerous debts that you can have, as they can rack up extremely quickly and feel impossible to settle in the end. The good news is that it can be done, you can get out of it and you can stop panicking that your debt is going to consume you.

With the help of companies like Timberline Financial, you can get the advice that you need to climb back up from debt and feel like yourself once again. Below, we’ve put together some tips that you need to get out of debt and start being able to live without the stress of money that you owe. Let’s take a look!

woman scratching head with credit card while looking at a laptop computer.

Cut Back Your Expenses

That huge TV package you paid for? Yep, that’s going to hinder you from paying debt back. What’s the bet you spend more time watching Netflix than you do the cable channels, anyway? You could find that if you cut that cable cord and funnel the money toward what you owe, you will be able to cut right back on your expenses but pay off your debt faster.

When you do this, you can pick up that cable package once again!

Throw Some Snowballs

You can pay off debt faster if you learn what snowballing is. Look at the debts that you owe and pay off the smallest one first. Once you pay off that small debt, you can free up some money to pay the next smallest debt, and so on.

The more you do this, the more money you will free up for the largest debts of them all, and this will then lead you to being debt free far faster than you thought you could be!

Consider Consolidating Your Debts

If you have enough credit to borrow one large loan, you can then consolidate the smaller debts together and pay everything off, with only one payment to consider after that. consolidation could be a way out for you and it’s a clever way to let go of your debts altogether and find financial freedom.

Can You be Forgiven?

Did you know that there is such a thing as loan forgiveness? Check your student loan companies for loan forgiveness and see whether you will be able to qualify for it. If you are, you’ll pull down an awful lot of debt that you weren’t aware you could pay down.

Cut Your Cards

A good way to get out of debt is to stop getting into it in the first place. The moment you pay off a credit card, shred it and close the account so that you can’t use it anymore. When you do this, you will be able to prevent getting into more debt again, and you will be better placed to ensure that you aren’t being chased by creditors!

Debt doesn’t have to run your life forever—so don’t let it!

Woman in sweater holding a credit card and looking at a laptop computer.

*Photos by Liza Summer