Surefire Ways to Get Yourself Out of Debt
Being in debt is one situation all of us would rather not experience. Yet, there are times some don’t learn a lesson. They overcome it all just to find themselves buried in debt once again.
Six Ways to be Debt Free
For those ready to get out of the cycle of debt, here are six ways to guide you:
1) Hide that credit card. Or better yet, throw it away for good. Credit cards are for the very few who have infallible self-control when it comes to spending. For the rest who tend to splurge or impulse buy, the plastic’s just not for you. Instead, swipe an atm card or a debit card. These do not have interest; instead have rebates which are way better.
2) Debt resolution. There are several options to pay a debt which is giving you a hard time. One option is to have it restructured. The benefit of this, the payment scheme is changed to suit whatever fits best. The next option is meant for those who have incurred multiple debts, debt consolidation. You can fuse your debts so that the payment scheme is made easier for you. Whichever you choose, make sure to get all the details straight out, especially the fees needed to be paid.
3) Re-evaluate your shopping mindset. Some of us shop because we need something. Some shop for status. While most shop to relieve stress, which is a big no-no. Having the same concept as stress-eating, impulse buying is also done when triggered by factors such as stress, excitement, anxiety, or any strong emotion. What makes impulse buying dangerous is when you buy an item not because you need it but because the ‘buying feeling’ makes you happy. At times, the fruits of impulse buying result to things later unused and turn to junk or clutter as time passes. Know what ticks off that need to buy and see what you can do about it to prevent it next time around.
4) Learn to sacrifice. There are situations that call for some amount of sacrifice. Being in debt is one of those times. You need self-control to get yourself out of that situation. This is truly uncomfortable at first but with the proper mindset, anybody can do it.
5) Find alternatives. Sometimes we cannot afford the little luxuries in life we crave so much. However, we can improvise. Drink sparkling water instead of champagne. Settle for a dvd marathon instead of going out on a date. Here, even the small things count and even the smallest amount can mean the end of a debt.
6) Educate yourself. Learn about sales and promos from the local grocery and on other goods by reading magazines, newspapers, or watching TV. In this way you extend the purchasing power of your money, and not increase our debt.
Getting out of debt is not easy to do but it will be well worth it. Not only will it free you from financial bonds. It will also help you regain back peace of mind and self-esteem as well.
Victoria Anderson is a finance writer for Guarantor Loans. She loves covering business topics and finance related stuff. She is fond of web development and wed design. You can find Victoria Anderson on Google +.
Category: Debt
