There are a huge number of sites that offer debt advice but despite having paid off a large amount of debt myself, I rarely do it. I've always had a simple approach to paying off debt and that is: cut your outgoings as much as you can by focusing on your needs, not your wants, and then channel as much of your spare money as possible to your debt.
If I was to offer debt advice then after reducing your
expenses I would then tell you to start increasing your earnings potential. This may be at your current place of work by
working smart and getting a promotion, or by taking on another job outside of
your working hours. Please do remember though,
the trick is to increase your earnings, without increasing your outgoings. I originally worked myself up the career
ladder and increased my spending to go along with it. Then all that happened was
that I ended up further in debt.
Something else that is so important to do when you’re trying
to get out of debt is to stop spending immediately on anything non essential.
Spending on meals out, books etc has to stop. As soon as you have that light bulb moment you
need to stop spending on credit cards immediately. You have to resolve there and then to stop
using them. If you dare to, cut them up and start using cash. If you’re not quite
feeling that brave, then put them in the freezer for the short term and resolve
to cut them up in a month or two.
After doing all that you could then start to sell your
stuff. You’ll be amazed at how much you can make through off loading your
possessions. I had great success selling a lot of my clothes on line. Obviously you’re not going to get back the
price that you paid for them, but anything that you do make is money that can
go towards your debt.
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