Finding Financial Freedom: 4 Ways to Get Out of Debt Fast

by Susan Paige on January 14, 2019 · 0 comments

Nearly everyone runs into financial difficulty at some point in their lives. When debt starts to pile up, it can seem like there is no way out. However, sometimes all that is necessary is to take a step back and objectively analyze your situation. There may be a way to financial freedom that you haven’t thought about in your panicked state. Maybe, you simply don’t have enough information and financial institutions don’t necessarily have your best interests at heart. If you want to get out of debt and back on your feet quickly, here are four things you can do.

Seek debt and credit counseling

It can be difficult to solve your financial problems on your own. Debt counseling can help to put you back on a sound footing. The counselor will talk to you about your personal financial situation and explain all the options available to you. They act objectively in a way the officer at your bank won’t. The counselor will then draw up a solution that meets your individual needs. Options include debt consolidation, debt repayment, debt settlement and bankruptcy as a last resort. Get more info if this sounds like something you may want to try.

Sell things you don’t need

Chances are you have lots of items you haven’t used in years. If your debts are beginning to pile up, why not get rid of some of the clutter and earn some money in the process? Organizing a garage sale is perhaps the easiest way to sell your stuff but you can also use consignment shops, online resellers and Facebook groups. Price your things reasonably and you’ll see how quickly you begin to get some cash which you can put towards your debts. Books, clothing and household items are always in demand.

Get a part-time job or side hustle

If your debts outstrip your income significantly, selling a few household items may not be enough. You may need ongoing income. You can take up seasonal jobs in stores, on farms or at tourist attractions, depending on where you live. You may even be able to get work in a café or bar. Alternatively, you can put your skills to use to make some money. Can you make jewelry or bake tasty cakes? Why not monetize your abilities? You can also try finding work online if your skills are more digitally oriented.

Use the debt snowball method

This is a great option if you have debts of varying amounts and some cash to pay them off. List the debt in order of amount from smallest to largest. Put any extra cash you have towards the smaller ones and make only the minimum payment on the larger ones. As the smaller debts get paid off, you’ll have more money for the bigger ones. Paying off the smaller bills makes you feel like you’ve won a little bit. Beyond the psychological effect, you snowball all your extra money towards your debt until all are paid.

These are just some of the things you can do to work your way toward financial freedom. If you need help finding the best method to settle your debts, seek counseling. If you think you can handle things on your own, use one of the other three methods above to begin earning more and paying off your debts.

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