In Debt? Follow These Simple Tips
Are you drowning in debt and got no idea on how you’re going to pay back? Well, you’re not alone. A study was made in 2016 by NerdWallet analysis which found out that an average household in the United States owes a credit card debt of around 17,000 USD.
Being in debt is extremely stressful and no matter what the circumstance is, once you signed for a loan, you HAVE to pay it back. Even if you go through a terrible experience like losing your job or getting in a huge accident you will have to return the money. If you are in debt, then there might still be certain things that can be done. We are here to help you give some tips to handle your debt.
Top 4 tips that will help you get out of debt as soon as possible: –
Get a Cease and Desist Letter: – Cease and Desist letter can be extremely helpful if you receive harassing phone calls and surprise visit at your house every day by the debt collectors. It is a letter that formally requests the debt collector to stop contacting you regarding the amounts you owe to them. Once you send this cease and desist letter, the debt collectors can contact you only one more time to tell you that they are ceasing all communications with you, but there are certain pros and cons of sending a cease and desist letter, you can check more about it here.
Pay off the Expensive debt first: – Stop freaking out about all the money you owe and start sorting the credit card interest rates from lowest to highest. Now check the credit card with the highest interest rate, that is the one you need to take care of first. If you first pay off the balance of the card with the highest interest rate, you end up increasing your payment on the card with the highest annual rate while continuing to pay the minimum amount on the other credit cards.
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Get a Side Income: – The best way to amplify your efforts on clearing the debt is by earning more money. With the availability of internet nowadays, it has become extremely easy to earn some extra cash. Almost every one of us has a talent that can be monetized. It does not have to be as complicated as administrating a network or creating fresh content, you can make money out of simple things such as babysitting, cleaning the house, being a virtual assistant, etc. Try checking websites like TaskRabbit and Upwork to find some ways to earn extra money.
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Sell Things you do not need: – One of the easiest ways to get some extra cash to pay off your credit card debts is by selling things you do not need. We all have belongings in the house that we do not need anymore. Take a break for a day and spend it figuring out all the items and belongings you do not need anymore. At first, you might not be able to think of anything, but after a while, you will realize that there are lots of items that you can get rid of. Once you have a couple of things that you want to sell, visit a garage sale in your neighborhood or just visit websites like Craigslist, eBay or a facebook seller group to find some buyers.
Must Read: Top Tips for Dealing with Personal Debt
Thus, there you go, 4 Fresh tips that you can use to get out of debt quickly. If you enjoyed reading this article and found it helpful, make sure to share it with your friends or family members in need. Good luck!