8 Tips for Getting Out of Debt Quickly
Everyone feels weighed down by additional debt. But there are ways that you can get out of debt quickly and start moving on with your life. Here are 8 tips to help you get out of debt quickly:
1. Set Up a Loan Consolidation
Consolidate your debts into a single, low monthly payment, so you’ll be able to put money towards it faster and pay it off sooner. A loan consolidation reduces the interest rate that you’re paying for your debt and makes your debt more manageable overall.
2. Sell Your House
You can sell your house with us at Purple Mountain Holdings and immediately repay your debts. Selling a house and getting out of debt can be a great way to acquire freedom. With us, you don’t need to make any renovations to your property. You get to just walk away.
3. Get a Second Income
Getting a second job and then paying off your debts with that second job is a great way to start paying off your debts faster. You don’t have to keep that second job. It can be a temporary “rush” to pay off your debts, after which you can go back to your regular lifestyle.
4. Make Sure to Budget
Before you do anything else, download a budget app and take a look at how much income you can put towards your debt. By eradicating payments that are unnecessary, you may be able to find ways to pay your debt faster.
5. Negotiate With Creditors
Sometimes creditors will let you pay off your debt through settlements. A settlement usually has to be paid off right away, but the benefit is that it’ll be for a lower amount. You might be able to settle a medical debt for $2,000 on $20,000. Different types of debt are usually better for settlements than others. Medical debts are frequent. Personal loans may be harder.
6. Have a Sale
Having a garage sale and taking items to the pawn shop is a great way to get out of debt quickly. You can start selling your goods right now and putting all the money towards debt, as it’s essentially extra money. Take a look at what you have in your house that you don’t really need, especially larger items such as a piano you never play, or a second car that you’ve just been holding onto.
7. Declare Bankruptcy.
When the situation is truly untenable, you can think about something like bankruptcy. Bankruptcy isn’t an ideal process because it does hurt your credit score and it hurts it for quite a while. But it does give you a blank slate that you can move forward from, and it is one of the fastest ways that you can get out of debt quickly and start to rebuild.
8. Work With a Credit Counselor
Credit counseling companies take a look at your current financial situation and tell you the best ways to start managing that financial situation. If you feel as though you’re never making progress with your debt and you don’t know where to start, a counseling agency can be a good start.
The bottom line is that if you want to pay off your debt quickly but you don’t want to have to do something like declare bankruptcy, you need access to funds. One of the best ways to do this can be to sell your home. If you’re thinking about selling your home, contact Purple Mountain Holdings for a no obligation consultation and quote. We’ll tell you how much we can give you for your home in cash right now, and you’ll be well on your way to resolving your debts.