Best Ways To Get Out Of Debt


#21

Numbers of ways are there which can ease you to get out of debt. Some of them are as personal suggestions while some of them are as Professional financial advice.
Take a look at below ways to consolidate your debts that may help you how to plan and your financial strategy:

1- Spend on things what you can afford to pay easily
2- Check your credit report on regular basis and update accordingly
3- Create a budget for yourself which can map and maintain your income and expenses
4- Try to earn more and manage your savings accordingly
5- Make a complete list of your debs
6- You may try to get loan from your family and friends so that interest could be lower down
7- Invest your savings in Mutual Funds, FDs
8- Apply for a Personal Loan
9- Choose an option of debt consolidation
10- Go for credit card balance transfer
11- Choose the option of home loan balance transfer


#22

You might wanna check out this article on Saving vs Paying off Debt


#23

Those wins also mean one less account balance to track, account logon, email reminder or mail to worry about, which frees up headspace as well. Once debt is paid off, you can save/invest with the same fury.


#24

The snowball method pay off debt by balance, starting with the smallest debt. This method works well if need to stay motivated to keep blitzing that debt.
Theavalanche method focuses on paying off the debt with the highest interest first. This method is the most cost effective, efficient and fastest way to get out of debt but requires a lot more discipline.


#25

I don’t know if this helps you but I use the debt snowball method. This means I make list of my debts and pay in an ascending order from the smallest to the largest (Interest rate notwithstanding).

First I try to pay more than the minimum monthly or weekly payments on each debt I owe. After which my excess funds are fixated on paying each of the smallest debts. Once paid, I move on to the next small debt on my list and put all my extra cash into paying and so it goes on the debt is paid off completely.