Getting out of debt can seem like an impossible task, but it’s not! We want to share our tips with you on how to get out of debt as quickly as possible. So, whether you’re just starting out on your journey or you’re almost there, read on for helpful advice that could make all the difference.
1. Start Paying More Than the Minimum.
If you want to get out of debt fast, start by paying more than the minimum amount required each month. This will help reduce your principal balance and shave years off your repayment schedule. Additionally, make sure to pay your bills on time each month.
2. Review (and Revamp) Your Budget.
One of the most important steps in getting out of debt is creating and sticking to a budget. Take a close look at your spending habits and see where you can cut back. Maybe you can reduce your cable bill, and pack your own lunch instead of buying food every day.
3. Make a Debt Payoff Plan.
A debt payoff plan is a key to getting out of debt. You need to know how much you can afford to pay each month and what your goal is. Figure out how much money you have each month to put towards your debt and make a list of debts in order from the smallest balance to the largest.
4. Consider a 0% APR Balance Transfer.
If you’re carrying a high-interest credit card balance, you may be able to save money by transferring the balance to a card with a 0% APR promotional offer. These offers can range from 6 to 18 months and can save you a lot of money in interest payments.
5. Ask for a Lower Interest Rate.
If you’ve been a loyal customer of your bank for many years, or if you have a good credit score, you may be able to negotiate a lower interest rate on your outstanding debts. This could save you hundreds or even thousands of dollars in interest payments on your loan.
6. Consider a Personal Loan to Consolidate.
If you have several high-interest debts, you may be able to consolidate them into a single personal loan with a lower interest rate. This can save you money on interest and make it easier to manage your debt.
7. Negotiate Lower bills.
One way to get out of debt quickly is to negotiate with your creditors for a lower interest rate. You may be able to get a lower interest rate on your credit card, or you may be able to get your creditor to waive late fees.
8. Sell the Stuff You Don’t Need.
Most people have a lot of stuff that they don’t need. You can sell this stuff to get out of debt fast. Start by going through your house and selling anything that you don’t need. This includes clothes, furniture, electronics, and anything else.
9. Work Part-Time.
Working part-time can help you pay off your debt faster. When you have a part-time job, you can earn extra money to put towards your debt. You may also be able to find a part-time job that offers flexible hours so that you can still take care of your other responsibilities.
10. Start a Side Hustle.
One of the best ways to get out of debt fast is to start a side hustle. A side hustle is a job or business that you do in addition to your regular job. It can be something you do on the weekends or evenings, or it can be something you do full-time.
11. Use Windfalls to Get Out of Debt Faster.
When you get a windfall, such as a tax refund or a gift, use it to pay off your debt. This will help you get out of debt faster and reduce your overall payments. This can be a great way to speed up your debt payoff and get yourself on the path to financial freedom.
12. Mark Your Progress.
It’s important to keep track of your progress when trying to get out of debt. This will help you stay motivated and on track. You can mark your progress by writing down your total debt amount, your monthly payments, and your current balance.
Bottom line.
Are you struggling to get out of debt? Jacaranda Finance can help. We offer a range of debt consolidation options that can help you get on top of your finances. Contact us today and let us help you get on the road to financial freedom.