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Best Ways to Get Out of Debt

While it is easy to fall into debt, getting out of debt seems almost impossible. Whether you’re a recent college graduate or a soon-to-be retiree, debt can become an immense burden. If you’re looking to become debt free, CreditGUARD has a few tips to help you get started.

Compile a List of All Your Debt

Most people have numerous sources of debt like credit card debt, student loan debt, and mortgage and auto loan debt. For this reason, it’s important to list all your debt, making note of any high interest rates. Tackling debt with a high interest rate first will save you money in the long run, as it reduces the amount of interest owed and allows you to pay off your actual debt more quickly. Once this is paid off, start repaying your other, lower interest debts. Depending on how much you owe, it may be several years before you become debt free. So, if you can afford to, pay more than the minimum payment to get rid of your debt faster. A certified counselor at CreditGUARD of America can assist you in preparing a list of all your debts as a first step to getting out of debt and staying debt free.

Devise a Budget

Devising a budget is an important, effective way to lower your debt. Setting priorities and eliminating non necessities is instrumental in paying off debt. Keep a record of how much you spend on a monthly basis, including amenities like rent and groceries. It’s also important to include other expenses like eating out, shopping, and home or car repairs. Track your spending habits to see where you can cut costs. For instance, you can save money by staying in for dinner. Not only will this prevent you from overpaying for food, you won’t waste precious gas or add to your car mileage.

In addition to paying off debt, put some of your money in savings. In this unstable economy, it’s important to have money stowed away in case of unforeseen circumstances like losing one’s job. Reducing your debt, setting money aside for your savings, and spending money on only necessities will ensure financial security.  A more complete budget will help provide a clear picture of how much you have available to get out of debt. If you need help preparing your budget, there is a Certified Credit counselor at CreditGUARD of America waiting to help you.

Don’t Take on Additional Debt

When you’re in debt, applying for a new credit card is tempting. However, another credit card will only worsen your financial situation. To protect yourself from sinking deeper into debt, avoid signing up for a new credit card. You want to minimize your debt, not increase it. Another good rule of thumb for getting out of debt is to get rid of a credit card once you’ve completely paid it off.

Along with closely monitoring your credit card spending, don’t take on a large investment like a new car or home. Accepting that you’ll have to make sacrifices is instrumental in learning how to get out of debt, and while you want a new car or home, purchasing one may not be feasible.

Contact Our Credit Counselors

If you’re having trouble making payments, or if you can’t afford to pay the minimum, call and talk to one of our Certified Credit Counselors. We can arrange with your creditors to lower the amount you owe every month. CreditGUARD has debt management programs that will lower your monthly payment, reduce the interest rates, and shorten the time it takes to pay your debt. Financial experts recommend debt management programs like CreditGUARD’s because it’s a better approach than debt settlement, which allows creditors to continue collection activity and even file lawsuits in an attempt to collect.

Learning how to get out of debt can seem like a daunting task. By contacting CreditGUARD of America, however, you can take the first step to financial stability. The call and no obligation consultation are complementary. Call 1-800-500-6489 or fill out the form below to get started today!

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