It can be a lengthy and arduous journey to get rid of your debts. When you get stuck in the system, it is hard to get out of it. In an effort to pay the first one off, you get into debt and then get yourself deeper into debt. – Before you know it, you have credit cards – and other debts – just about everywhere. Suddenly, one debt that was manageable is now completely out of hand.
There are ways out of it though if you are frugal, motivated and self-disciplined. It is going to take some hard work and sacrifices, but if you really want to do it, you can. Are you ready? Let’s focus on credit cards and store cards for now. You have run up some big bills on them, and now you are struggling with the minimum balance every month, let alone the added interest and charges, right?
Go and grab those kitchen scissors and cut your credit cards up. After all, you cannot use them if they are in pieces at the bottom of the trash can, right? That means that you are no longer racking up unmanageable levels of debt and can start to take action to deal with them. This really does involve only two options at the moment: increase your income or cut your expenditure. In some cases, the Debt to Success System BBB might be able to help as well.
Increasing your income involves fewer sacrifices or changes to your lifestyle, but is much more difficult. Unless you get a better-paid job or have a boss who is willing to give you a significant pay rise, it is very unlikely. Therefore, you need to look at cutting your expenditure. Do you have something that you could sell lying around the house or apartment? Try Craigslist. Facebook marketplace and eBay; they are all perfect ways to get rid of excess things, pulling in a little extra cash and at the same time making some more space in your house. You could have a yard or garage sale as well. Pay off or reduce some of your debts with whatever you make from selling stuff.
To bring in additional cash, you might also look at other side hustles. That may be advertising your babysitting or tutoring skills, taking on freelance work or, if you have the spare space, taking in a lodger or a roommate to split the bills with.
The other choice is to slash your outgoings. If you can walk to work or school instead of taking the bus or jumping in a cab, do it. Instead of wasting $10 at the local coffee shop every, take a packed lunch to work with you and a flask of coffee. Look at all the subscriptions that you pay out for-are you watching Netflix every month enough to spend money on it, or are you reading the magazine enough to make the subscription worth it? Can you watch free TV or go to the library and take out magazines?