Straightforward Ways To Get Out of Debt

Financial freedom might seem out of reach while staring up at a mountain of debt, but no one appears at the top of Mt. Everest. You get there one step at a time.

“Right now, many Americans are a medical emergency or a natural disaster away from bankruptcy,” says chairman Howard Dvorkin, CPA. “Their finances are so precarious, any income disruption or debt addition would push them over a cliff.”

Finding the Cash to Pay Up

1. Call Your Creditors

Believe it or not, a simple phone call could reduce your interest rates. Take note of your credit score, last late payment, and current interest rates compare to the national average.

2. Avoid Forbearance

Forbearance is an agreement with a lender that gives you a temporary pause on loan payments.  

Nothing can eat up a hard-earned check like utility bills and rent. If you’re in the position to do so, find someone you can split those responsibilities with.

3. Find a Roommate

4. Increase Your Income

There are plenty of ways to do this, though it might not be fun. You can pick up a second job or a side gig like UberEats.

While trying to pay off your debt, you should avoid some of the luxuries you’ve gotten used to. You could save a lot of money by pausing your Netflix subscription or skipping your weekend trips to the bar.

5. Skip out on Happiness

Swipe Up

for more finance, business, and real estate advice

Read More

Here Are the Top 15 Highest Paying Jobs

Jobs That Pay 100 an Hour (or More) and Can Be Done Remotely?