The top 5 ways to get out of debt

BubbaGump By BubbaGump, 25th Jun 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/3_04e33n/
Posted in Wikinut>Money>Debt

Getting out of debt is the smartest thing to do. Here are some tips to help you get out of debt.

Get out of debt

Analyze your debt

You should sit down and take a look at all of your debt and try to figure out how you will prevent yourself from getting into such debt and how to get out of it. A lot of time people get into debt cause they never look at their spending habits or their saving habits or their budgeting habits. Once you know you can start to tackle it down. I know a lot of people who are addicted to shopping for things they don't need or party all of their money off. There are people who spend on their friends and family without the need to do it. Money go out fast but come in slow so you must watch what you spend.

Make negotiation

If you can't pay all of it and you want to pay some of it, then pick up the phone and call your credit card company and start to negotiate on some amount that you can't pay off. You can tell them that you will plan on paying it off eventually. A lot of credit card company can slash half of your debt for you and stop interest on payments. It will help a lot if you're trying to save your credit. You can file for bankruptcy if you can't make the payment at all.

Stop impulsive spending

A lot of time people get in trouble cause they spend impulsively. They spend on the spur of the moment. They will throw like five grand away to take their girlfriend on a trip or a vacation when they can't really afford it. They will throw one grand away at the night clubs per weekend on parties that they don't even care for. So you see where I'm going with people spending habits. There are those that have shopping addiction and they will buy and buy until they drop but they will never use them.

Some more tips

Budget

If you don't budget then it's time to learn how to budget. Budgeting can really help if you are in financial distress. For example, you make five grand a month, but you will set two grand into saving and the rest will be for your bills so you do have some sort of saving plans per month.

Have financial goals

You should have financial goals. For example, one of your goal is to get out of debt or spend less or save more and work more. So you should have some sort of plans to save and get out of debt. It's better to be without debt. If you're a student with tons of debt, it's smart to get a part time job to get rid of some of those debt.

Tags

Credit, Credit Card, Debt, Family, Money, Save Money

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author avatar BubbaGump
Hi! Bubba here. Thanks for visiting my page. Have a Bubba day.

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