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How to Get Rid Of Debt Fast

By Edited Nov 13, 2013 0 0

For you to get rid of debt fast you'll have to stop spending, that's the number one thing – first and foremost stop spending money on things you don't need! Pretty basic, I know, but how many people out there complain and whine about not having any money and being in so much debt and at the same time talk about their latest impulse purchase they put on their credit card? The best place for a credit card is either snipped up into pieces and at the bottom of a landfill somewhere, or locked away in a time-lock safe, so you'll only have access to it at prescribed times.

Dollar Fist (36401)

Tip 1 – become focused on your goal

If you are going to get rid of debt fast you'll have to be focused on your goal and be willing to do what it takes to make it happen. First of all you'll need to create a list of all your debt – everything you owe from personal loans, credit cards, to the $100 you owe your mother – and yes you should really pay her back. Once you have your list, prioritise the debts into the order at which you will repay them, which can be in a number of ways including highest interest first, or smallest amounts first – whatever suits you. The thing to remember is that eliminating debt must be your focus – and whatever little tricks you can use to help your mind stay on track (and keep your spending under control) will help. I like getting rid of the smaller amounts first, as the smaller the list, the more successful I feel, and that's a winner for me.

Tip 2 – Be creative with your income

Because all your income will help you get rid of debt fast, the more income you have, the better off you'll be – and that's simple maths. Why not increase your income? You may laugh, but there are really simple things you can do to earn more money. Have a yard sale – a friend of mine did this recently and he made almost $1,000 over the weekend! What did he do with that money? He paid off his credit card. Nice feeling. Get a part time job – cleaning houses, delivering pamphlets, mowing lawns, painting fences, door to door satellite TV sales, freelance writing on the internet – whatever it takes, just do it!

There are so many ways to get rid of debt fast, and I've briefly touched on just two of them – a measly two ways to reduce debt. But my number one thing I have to tell you again is stop spending money on what you don't really need! Delay any expenses you don't need to incur – and for goodness' sake if you can, don't put the expenses you must incur on credit – it'll delay your ultimate goal of becoming debt free, or at least delay it. Enjoy!



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