Would you be happy in getting out of debt as fast as possible? Definitely I know your answer is a BIG YES, but how do you tackle it so as to be debt free? Well in this content we’ll discuss how you can get out of debt in a tsunami way and we will explore some real life examples of people who have paid of their debt and are now living a free debt life.
Getting out of debt is a very complicated matter to execute especially when you’ve no plan to implement it. The reason why am saying it’s a mathematical equation, it’s because it involves some emotions variables that you’ll need to decide as fast as possible.
For example, if I ask you, how would you pay a debt of $100,000? 70% of your answer would be, ”it’s very difficult and a challenging task to do it in a minimal time”.
In real life situation, it will require you have some basic ideas and tools that will help you pay the said $100,000. So, let’s get into some Nitti gritty ideas on how to get out of debt fast on your own.
Let’s start;
1. Get support from people who have gone through debt free and they will show you how to do it
2. Have a concrete plan that will help you execute your paying off debt at ease
3. Don’t look at the huge amount that you’re paying off
4. Don’t let financial emergency derail your efforts to be debt free
5. Spend less and earn more money without depression
6. Adopt the snowball debt payment, whereby you pay small debt and then take the payment you were making on that and put it against the next debt.
7. Make a biggest difference in your life, by freeing up the biggest amount of cash per month!!
8. Make a budget and stick with it
9. Have a motivational plan that will motivate you to pay your debts: Additional Resources: Best way to pay off debt
10. Avoid unnecessary luxury expenditure and channel that money to useful investment tools that will help you earn extra income and pay debt.
Before I get exhausted, let me highlight some powerful tips for you to get out of debt plan, if you don’t mind;
I was going through Yahoonews.com and I came across a story of how newlyweds managed to pay off $52,000 in debt in 18 months, I was so amazed on their strategies and how they did it. The couple had the following expenses:
- Debt was $52,000
- Car loans wa$18,000
- Student Loans was $27,000
- Credit card balances was $7,000
Can you imagine that kind of debt the newly wed was going through? Well, for more information click here to read the whole story.
Below is an other example:
The second story on how to get out of debt fast with a great plan is from Carri Smith who managed to pay off $14,000 and became debt free. Below are her debts expenses;
- Credit Card #1: $1,833.17
- Credit Card #2: $909.12
- Car Loan: $11,342 (original cost was $16,575 but I put money down)
Total: $14,084.29
Her Income
- Full-time job: $37,072
- Bonuses/side jobs: $5,000
Averaged $3,496 per month or about $42,000 per year
For more information on the story click here
3rd Story as below
The third story is from Stephanie who also managed to pay off $90,000 in debt In 3 years. At 24yrs her credit card debt was at $9,000. Her credit card had the following expenses covered; Entertainment, Phone bills, Groceries—as well as anything else that could be covered. For more information on the story click here.
Those were just some real life situations you can learn from on how to get out of debt very fast with a proper plan. Well, let’s continue with our actionable tips of debt free.
12. Stop digging any non-essential spending i.e. try not to buy anything online within 30 days
13. Cut down on small cutbacks. Don’t buy brand names just to look super, buy household names which will help you reduce your spending
14. Create an emergency fund that will help you control ypour budget
15. Take stock of what you’ve spend and what you’ll spend
16. Make sure to pay your bills on time rather than later. It’s better to be safe than sorry
17. After you’re successful with your snowball debt payment, make sure to find larger cuts
18. Expand your income level so as to have a high disposable income that will help you pay off any debt e.g. deliver more pizzas to give you more cash flow to pay down your debt.
19. Track your results step by step. Create a Google Doc that will help you manage all your spending activities.
20. If you’re married combine your fianances together and come up with a game plan
21. Take a financial class that will help you understand the best way to manage your debt
22. Stop borrowing money and sell what you don’t need. Stop being in the people that have one foot in the ”I want to get out of debt fast and the other foot in the ”I want to be rich and buy anything I want”
23. Before you pay any debt, make sure to use debt calculator as this will help you analyze the right amount of payment.
24. To secure a lower interest, I’d advise you entail Debt consolidation as this will help you secure a fixed interest rate.
25. Once you’ve paid all your debt and you are totally debt free, make sure to celebrate and enjoy yourself, coz getting out of debt is like building a house from foundation up to the roof. But don’t spend too much.
Bonus: I forgot to tell you another story of how a couple paid off $82,000 of credit debt In four years. Click here for more details.
Over to you
Ave talked too much. What do you think? Well, if you implement what we’ve just talked about I can really assure you’ll get out of deb very fast (GUARANTEED). For more detail report check: How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*: Based on the Proven Principles and Techniques of Debtors Anonymous
If you have any tips on how to be debt free, post your comment below and we’ll discuss more on how to help more people get out of debt.