Whether you promised yourself a fresh start in 2018 or you’ve just had enough of the status quo, you’ve decided that you want to become debt free. Many people have perfectly manageable debt that they deal with on a daily basis; others may have debt which they are struggling to keep up with.
However, if you want to avoid being forced to use Debtconsolidation.loans, then you need to take action now to stop yourself ending up in a position where it’s a choice between that and bankruptcy.
Below are three things you can do to eradicate your debt.
This is such a simple way to help you free up some funds to pay off your debt, but it’s harder than you might think. You have to be strict with yourself. The biggest drain on your funds will be the little purchases that add up over time. Buying a fancy coffee every day instead of bringing your own from home is a cost that will add up over time. Before any purchase, ask yourself if it is something you want or something you need. If it is something you want, put it back and walk away. If you’re still thinking about it a few days later, then you can justify the purchase. Think about potential purchases in terms of time instead of money. Work out how many hours you had to work to afford that item and ask yourself if the time you worked for it is worth what you gain from the item.
If you’re already living as far within your means as possible and still struggling to pay off your debt, or simply want to be able to pay your debt off a bit quicker, then you need to increase your income. You could get a part-time job or try one of the many popular ways you can earn money online in your spare time. Anything you can do to increase your monthly income is going to help you pay your debt off quicker, so be creative.
Start a Repayment Plan
After you’ve cut down on your spending and increased your income, it’s time to call up the companies you are in debt to and talk repayment plans. Whether you are struggling to meet the current payments or you want to increase the amount you are paying back, many companies are quite happy to discuss ways that will make it quicker and easier for you to pay them back. Just remember, they want you to be debt free just as much as you do. After all, they only loaned you the money; they would presumably like to get it all back. If you are increasing the repayments, it may be worthwhile to err on the side of caution. You don’t want to commit to higher fees if your circumstances then change a month later and you need to ask them to decrease the amount again. Perhaps keep the repayments low, set aside any extra money in a savings account, then try and pay the remainder off in a lump sum if the company will allow you to.
Hopefully, these tips have helped you to put together a plan to ensure that you are debt free in 2018.