Our economy is in the toilet and a lot of Americans are in debt.
You could wait around for Washington to get their act together, but you could instead make your own get-out-of-debt relief plan.
Taking action is the best way to get results in any situation, why should getting out of debt be any different.
We could talk about how the economy is worsening the already massive amount of debt that a lot of people have, but that wont help you at all.
What we are going to do is get you on track as quickly as possible.
Here is a list of my top three tips for getting out of debt and getting your life back on track: 1.
Stop creating more debt.
Humans are creatures of habit and juts like anything else, if you have trained your brain to create debt, that is what you will continue to do.
Sit down and look at all of your debt.
Are there any patterns? Do you see a lot of consumer debt from retail stores? Or do you spend it here and there until it gets out of control? 2.
Create a payment plan.
Most people, I'd like to say 90% of people, pay the minimum payment on their debt.
Credit card companies love this because it will leave you in debt forever.
Set some time aside to write out all of your debt along with minimum payments.
Also write down how much debt is remaining on each account.
Now write the total of all the minimum payments.
Next, plan to pay at least 50% more than that number every month (100% is best).
3.
Supplement you income.
If you want to get out of debt extremely quick, why not make more money? Getting a second job will increase you income and give you a lot more leverage to pay off that debt.
It might seem like a bad idea in the short term because of the free time you will lose, but think of the long term.
I want you to write down something.
If you want to get out of debt, you need to start planning long term.
Thinking short term and making short term decisions is what got you into debt.
Making plans for the long term will get you out.