1.Pay Off Your Most Expensive Debts First.
The smartest move to getting out of debt is to make minimum payments on all of your debts and credit cards except for one. Try to pay off the most expensive loan first and so on.
2.Get a Second Job.
Yes, probably the last thing you want to hear. Increasing your income is a most in order to get you out of debt. There is a plethora of ways to make money from home. Look around the sky is the limit.
3.Track Your Spending.
The fact that you make more money doesn’t mean you can spend more. Track what comes in and make sure it stays in! Consider paying debt before anything else, that’s how you will be able to breath in the short and long term.
4.Consolidate your debt
See if your bank can help you consolidate all of your consumer debts into one loan with one payment at a lower interest rate. This will help you get things under control.
5.Refinance Your Mortgage
If you own your own home, you may have enough equity to consolidate all of your debts into your mortgage. A mortgage is the cheapest loan you are going to get.
6.Create a budget.
A spending plan is something you lay out to make sure that you are spending less than you earn. Keep it simple, keep it stupid. The idea is to spend less money. If you don’t need it don’t buy it.
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