9 Simple and Fast Ways to Get Out of Debt

Sometimes it is vitally important to stop adding more to your debt as soon as possible. Here are some quick ways to improve your current financial situation and get out of debts.

1) Change your attitude to life, money and expenses.First thing you should do if you feel trapped into debt is to change your mind and attitude to what is going on around you. Either you are the master of your life or your life tells you what to do. Take a deep breath, sit down and reconsider your life goals. Find out what can be done right now to improve your situation.

2) Set up a Repayment Plan. After you have finished the first step, think a bit and compose a financial plan. Put your sources of income and expenses. List all your debts and bills like rent, mortgage, food expenses, and put a limit on it. Start paying off your debts with the highest rates first and go down your list. As you settle your debt, remember to pay yourself first. You do not really need any software, for that, just a simple notebook and pen.

3) Get rid of your credit cards. Putting your credit cards away is one of the best steps you can take to get out of debt quickly. I have heard of a man who developed an interesting approach to it. He literally froze his cards in a pan of water. When he wanted to use a credit card he took the pan away and waited for the ice to melt, thinking whether he really needs to use the credit card. Also you could just destroy all your cards keeping just one card for emergencies. Meanwhile avoid closing your credit card accounts because doing this can lower your credit score.

4) Improve your current income by finding a second job. Find another source of money. Think about what you can do better than others or about what you like to do. Start searching for opportunities. You will be very surprised of the true amount of hidden opportunities surrounding you. If you do not know where to look then ask people to help you. Having found one or two more sources of income you will significantly improve your financial situation.

5) Avoid paying fees whenever possible. Set yourself a rule: "If something is available for free, I am not going to pay for it". Reuse and recycle everything that is possible. Get rid of "luxuries." Make a few sacrifices, and you will find the extra dollars needed to increase your debt payments dramatically.

6) Renegotiate terms with your creditors. Call every credit card company whose cards you have and ask them if they could lower your interest rate or offer you some special interest on balance transfer. Repeat with all the credit cards you have.

7) Consolidate all your debt payments on a new loan. Get a new loan to pay off all your debts and have just one payment to make. Simplify everything what is available. The new loan should have a smaller payment and a lower interest rate. Consolidate all your loans onto the cards that offer you the best interest rate.

8) Pay more than the minimum. Get rid of the habit to pay only the minimum required each month. Paying the minimum only extends your agony. Pay as much as possible every month. If your minimum payment is $80, double that to $160. Take a close look at your regular expenses - you can find the money. Such increased payments will save you hundreds, if not thousands, in interest payments.

9) File Chapter 13 or Chapter 7 bankruptcy. In case you have tried everything above and nothing helps you then use this last remedy. Bankruptcy might be the only way for you to get a fresh start. There are some variations in these two different types of bankruptcy but Chapter 7 Bankruptcy offers a quicker solution for you to get out of debt.

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If you need some additional help on your current financial situation I would recommend you apply to debt relief specialists.

9 Simple and Fast Ways to Get Out of Debt