How to Get Out of Debt Fast

Unmanageable debt is a stressful situation that can seem overwhelming.  But there are many quick tips that can instantly put a dent in your debt, and get you back on the right financial track. 

One thing to do in your quest to conquer financial problems is to eliminate unnecessary credit cards.  If you have it, you will spend it. It’s as simple as that.  So ditch the Switch, the Mastercard, and the Visa in your wallet and stick with just one or two cards, ideally the cards which you have had open for the longest amount of time (which will help your credit score).  This will prevent you from accumulating more problems and adding to your already large financial deficit.

One of the most important parts of defeating debt permanently is to create a realistic budget. If you can’t stick to the budget, it will cause another financial crisis in the future.  For example, if you know you consistently spend $200 a week, setting a budget of $80 a week is like setting yourself up for failure.

Another quick way to save money to help you conquer debt is to eliminate unnecessary expenses, like eating out.  Bring a lunch to work and cook more meals at home, and you’ll be amazed at how much this can save you. Do the math and you may shock yourself. Even of you ‘only’ spend $10 a day on a sandwich, a pack of chips and a drink at your local eatery or canteen, 5 days a week, that’s still $2,650 a year!

You’ll need to cut other unnecessary expenses or luxuries in your quest to conquer debt.  Consider eliminating cable and replacing it with an on-demand service such as Netflix (less than $10 a month for unlimited movies – great if you’re on a budget). You can also conserve energy to lower bills, and stay in for movie night instead of going to the movie theater.  When you want to achieve your goal of eliminating debt, the little things really will add up over the course of the year.

When you’re paying off credit card debt, start with the high interest cards first.  If you can consolidate onto one, lower interest card, that’s also a great option.  The key is to pay the lowest amount possible as you try to tackle the debt you’ve accumulated.  

It really is possible to overcome financial problems, although it may not seem like it right now. You can be debt-free if you keep your focus on your goals, and avoid tempting shortcuts that may harm you in the long run, such as debt settlement.