Here’s a couple of things you can do to get out of debt.. ( provided that the debt isnt in millions, or out of this world.)
For whatever reason people often get into debt. It’s actually a part of life. Whenever you use your credit card to buy anything, you incur debt. It’s just that users of credit cards usually are able to pay it before you actually incur finance and late charges that credit card companies charge if you are late in paying your bill.
It’s not only credit cards where people incur debt, there are also things like home loans, school loans, car loans and a bunch of other stuff. But here are some tips that I used to get out of debt years ago.
- Live within your means. If you are earning $2,000 or a 100,000 php a month, make sure that you don’t go over that on a monthly basis in spending. If you do, check your spending habits on where you can cut down. Are all those coffee drive thrus on a daily basis really needed? why not just bring your own coffee to the office? Are all those lunches outside the office really needed, or can you just pack a lunch from home? Those 2 dollar, or 100 peso coffee every morning and in the afternoon adds up to a lot when you multiply it to 20-24 days, 2 times a day. In short, remove unnecessary expenses.
- Restructure your payment options. Talk to your credit card company or whoever you need to pay and explain your situation. Most of the time they will be able to help you come up with a payment plan that hopefully fits your honest capability in being able to pay.( I mean honest in the sense that you are really trying ahrd to cut down of other expenses so you can find additional budget. Not giving up your unnecessary expenses isnt honest.)
- Get a 2nd job or a side hustle. When trying to pay off something – being able to raise your income is a good strategy.. Try to find a 2nd job or a side hustle like selling food or crafts that you can make. Or try finding a freelance gig that can bring in some more cash while you are working at home like being a virtual assistant or something. Check out www.wahpinas.com for tips on working at home and where you can find jobs.
- Consolidate your debts into 1 source. Most credit card debts, you can actually transfer to another credit card. For this ione you’ll need to do some research. Find out which of your cards offer the transfer thing and whihc one ahs the lowest incurred interest rates. Then consolidate everything in one point and negotiate payment terms. And of course you need to stop adding to your debt at the same time
- Ask help from a professional. If all things fail and you feel you have done everything. Talk to a professional. There are a lot of companies out there from financial advisors to debt consolidation companies. DO your due diligence and check out some of them. Here’s one that I found in a quick google search in regards to getting out of debt. Click here
