Debt Hell: Learn How To Get Out Of It With These Smart Strategies

| April 27, 2016 | 0 Comments

Debt hell is something that more Americans find themselves facing each year. The turbulent economy has forced a lot of people to lose their jobs. And many of those that still have a job get asked to take a pay cut. As a result, debts can start to spiral out of control.

Some of those individuals end up borrowing money to pay for other debts. Soon, they’ll reach a point where their outgoings become more than income each month. Does that paint a familiar picture to you? If so, all is not lost.

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As hard as it might be to believe, it IS possible to get yourself out of debt hell. The following strategies will show you how:

Work out how much debt you’ve got

The trouble with many people in debt hell is they don’t have a handle on how much money they owe. It’s important to spend some time assembling all your bills. You should then calculate what the balance is on each loan and credit card you’ve got.

I recommend using a spreadsheet to help you. If you’ve not got Microsoft Excel, you could use a free program like OpenOffice Calc. Alternatively, there’s also Google Sheets, which is an online spreadsheet program.

Be sure to list balances and details of your monthly payments.

Get some help

Next, you need to determine the best course of action for your needs. One option is a debt management plan. If you’ve got some savings available, another is a debt settlement.

But, if your debts amount to a rather high amount, bankruptcy might be the way forward. If you’re not sure about how that works, read about it at DoveBankruptcyLaw.com. Whichever option you choose, only select one after making an informed decision.

Find ways to earn more money

Regardless of the option you choose, you still need to earn a living. You should look for ways to earn a higher income than you’ve got already. First of all, it will mean you can pay your debts off quicker. And, second, you will have spare cash available if you want to buy any luxuries.

Many people find that doing freelance work from home in their free time is a good way to supplement income. There are hundreds of ways to earn extra cash through various online activities.

Change your behavior towards money

There is usually a reason why people get into debt. Let’s face it. No-One enters the world in debt. They get themselves into it. The trick is to find out the reasons and avoid making those mistakes again.

Some people, of course, get into debt if they lose their jobs. But, many do so because of gambling or shopping addictions, for instance. You should consider speaking to a debt counselor about your behavior towards money.

Only then can you start to figure out how to change it, so you don’t end up making the same mistakes again. I hope the pointers on this blog post have helped you out today. Good luck with your journey.

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Category: Debt

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