That is not how you should treat this page. Read and most importantly, act on these simple 7 steps on how to get out of debt for good. You deserve a better life. Don’t put your financial situation in the shadows anymore. Print this page out if you need to, but whatever you do, don’t give up. This post will give you the exact steps.
How many boring, useless debt articles have you read that contain tips along the lines of, “Save more money” and “Live within your means”?
This information goes without saying, and for someone stuck in the seemingly never-ending void of debt, these tips are useless at best and patronizing at worst.
We know what debt feels like. It’s about looking at all available opportunities and exhausting most of them. It’s about not knowing what your options are, but diving into everything head-first and giving it your all if it means lowering your debt even just a fraction.
This is a guide to getting out of debt that contains advice you will actually find useful. You may still have exhausted a few of these options yourself and others may seem obvious, but we guarantee not to patronize, not to state the obvious, and to provide you with some advice you can actually use.
1. Jumpstart With Your Credit Cards
Debt relief programs are designed to nurse you through your financial difficulties, combining elements of debt management, debt advice, debt negotiation, debt consolidation and more. The goal is for you to have fewer outgoings every month and to ultimately pay your debts off quicker. Though there are a variety of ways to get debt relief, each one is different from the next. Likewise, every financial situation is different. That means that the debt help that someone else received, may not be right for you. By having an expert who is dedicated to getting consumers out of debt on your team, you will be able to get out of debt faster than you thought possible and without the hassle of trying to climb out of debt on your own.
A debt relief program can help you to:
- Consolidate: Debt consolidation is in the name. Put simply, it is combining all of your debts into one. By moving all of your debt to one card with a low-interest rate you can reduce the number of payments you need to make every month. This reduction in monthly payments consequently saves the amount of money that you need to spend to pay off the debt. Another way to consolidate debt is to get a fixed-rate personal loan to pay off the debt. For many people, paying off one loan instead of dozens of smaller debts or loans is much more manageable, saving time and money in the long run. Debt relief companies can help you weigh your options, especially when there are so many choices for debt consolidation. Securing a loan from SuperMoney is one of the fastest ways to get approved quick, allowing you to pay off your consolidated debt as soon as possible.
If there is someone you know who could benefit from getting out of debt, share this post with them immediately.
In this day and age, we are drowning with information but starving for knowledge. Our editors spent long nights putting this powerful, easy to follow guide together just for you. We are rooting for you!
- Settlements: Debt settlement is one of the most common phrases we hear when talking about debt relief. It occurs when creditors and debtors come to an agreement on a payment that is less than the original debt. This settled debt is to be paid in full, but saves the debtor money by never having to pay the original amount. A debt relief institution, like CuraDebt, is instrumental in settling debt. CuraDebt works directly with creditors on behalf of their customers in order to reduce the debt all together. Debt settlement is a viable option for anyone ready to settle their debt once and for all.
- Negotiate: Lenders can be very reasonable when it comes to reducing their debtor’s payments. It is possible to negotiate a better price, regardless of what the lender has said in the past. They want their money as quickly as can be and with as little hassle as possible. If you can provide them with a solution that ticks those boxes and is also beneficial to you, it’s a win-win. Debt negotiation is worth looking into for anyone in need of debt relief because there is no harm in trying to reduce the payments that you owe. Guardian Debt Relief is a reliable institution that can help you negotiate your debts, fast.
- Peace of Mind: Arguably the biggest benefit to a debt relief program is that they offer a peace of mind that debt never provides. If you are currently facing debt or have been there before, you understand just how uneasy it feels owing money, no matter the sum. Debt relief programs give debtors someone who will fight their battles for and with them. They offer another person to be on their side at a time when it feels like the world is against them.
2. How to Get Out of Debt by Fixing Your Credit Fast
Big debt leads to bad credit, and bad credit leads to more significant debts. The lower your credit score gets, the harder it will be for you to get good deals on everything from auto loans to credit cards. A fair to good credit score is necessary to make any major purchase or get help doing so. Without increasing your credit score, figuring out how to get out of debt can feel impossible.
With bad credit, you become a financial pariah of sorts. But when you have a good credit score it’s the opposite—companies are desperate for your business and will offer APRs and benefits that reflect that desperation. There’s no better feeling than not having to worry about whether or not your application will be approved based on your credit score. Although it’s a feeling that many people have yet to experience, when it does happen it’s one they never forget.
For a quick and easy credit score fix, (844) 617-7486 For some other tips, keep reading:
- Check Your Score: As discussed in our Guide to Credit Repair, nearly one-third of all Americans don’t know their credit score. This is an alarming statistic because those who are unaware of their credit score can’t take the steps towards fixing it if necessary. Although it can be scary to check in on such a crucial part of your finances for the first time, it’s a must in order to move forward. Only by understanding where you are and why you’re there can you hope to make improvements. A regular credit check will also guard you against fraud and mistakes. Fraud occurs more often than most people think and goes undetected without regular checking. Mistakes on credit can be the difference between a good and bad credit, without you even knowing. The Credit People are a great resource when you’re ready to take the next steps in checking your credit score.
- Dispute: You can dispute mistakes, defaults, and any other red marks on your credit score. If you come across a mark that you believe is an error, it doesn’t hurt to double check. Although the process can be a hassle, it is always worth it to check because there is no reason your score should reflect a mistake on someone else’s behalf. You may not always be successful, but it can make a significant difference if you are able to. An institution like, Pyramid Credit Repair, can look into defaults and assist you in making disputes on your credit report, taking the hassle out of the process for you.
- Build Your Credit: No credit is just as limiting as bad credit. Some people think just because they have not built any credit, they can’t be affected by it. The truth is, you need to prove yourself to potential lenders. In order to do so, you need to start borrowing even if it’s just in the form of a secured credit card or an unsecured card that you pay off every month. No matter how you begin building your credit, as long as you stay on top of payments and regularly check for mistakes and red marks, you will be giving yourself a leg up for the future. Without any credit, improving your financial status is nearly impossible. If you’re in need of advice specific to your credit situation, Credit Suite can work with you to build and maintain your credit score.
- Get Varied Credit Accounts: A significant portion of your credit score comes from credit cards, but 10% also comes from having multiple lines of credit so that you don’t put all of your eggs in one basket. By spreading out the places your credit is being built from, you run less of a risk of something negative having a significant impact on your credit score. With more than one line of credit, each line weighs less on your score. By having multiple lines of credit open you do run the risk of losing track of or not paying some lines on time. Dun & Bradstreet offer financial solutions when it comes to building, maintaining and improving your credit score. Chatting with a consultant might be the difference between increasing your score and staying where you’re at.
If there is someone you know who could benefit from getting out of debt, share this post with them immediately.
In this day and age, we are drowning with information but starving for knowledge. Our editors spent long nights putting this powerful, easy to follow guide together just for you. We are rooting for you!
3. How to Get Out of Debt by Legally Getting Rid Of Your Student Loans
Student loan debt in the United States is spiraling out of control, growing incrementally each year and everyone is wondering how to get out of debt. This growing debt has lead to millions of defaults and countless financial hardship for Americans across the country. Student loans are a debt that weigh heavy on the shoulders of every alumni, mainly because they are a debt that can last for years. As the cost of tuition rises every school year, the amount of student loans necessary to pursue a degree has skyrocketed.
The good news is that there are student loan forgiveness programs available for those facing student loan debt. Student loan forgiveness programs are often the only solution for anyone struggling to pay off their loans, years after they have finished their education. SoFi is one of the most reputable names in student debt relief programs, as their experts have helped alumni across the country find student loan forgiveness. This program and others like it, provide debt relief by either wiping out student loan debt completely or other options for getting these loans cleared quickly, like consolidation and refinancing.
- Forgiveness: If you are in the military then you may qualify for student loan forgiveness. Many institutions will forgive student loans for veterans and those currently serving in the military. Teachers, healthcare workers, and public service employees may also be eligible. Most people in these professions are unaware just how many of their loans can be forgiven based on their profession. If you or someone you know may qualify based on their career choice, don’t hesitate to look into student loan forgiveness.
- Refinancing: By refinancing your student loans you can reduce your monthly outgoings and find out how to get out of debt quicker. Compare prices and negotiate with lenders to put their offers against one another and let them fight for your business. Make sure you take the time do decide which refinancing option is best for your unique financial situation. Blue Trust Loans is another great option if you are debating between refinancing or securing a personal loan. They offer loans with fast approval, perfect for anyone looking to pay off their student loans.
- Closing and Mis-Selling: If your school closes within 120 days of you graduating or while you are currently a student, you may qualify to have your student loan debt wiped clean. Likewise, if you believe you were mis-sold on your education, it may be possible to have your student loan debt forgiven, leaving you without the burden of paying for a poor education.
- Disability: The Total and Permanent Disability Discharge program offers anyone with federal student loans an exemption from those loans if the disability has lasted, or will last, for at least five years. Acquiring student loan forgiveness based on a disability takes time to prove the disability is long term, but is an option for anyone who falls under this category.
- Consolidation: You can combine any number of student loans into one loan, reducing your repayments and your interest through student debt consolidation. This works with both private and federal loans and is very easy to setup via any bank. It’s important to compare interest rates and account benefits before jumping into the first deal you’re offered. If you’re worried about your credit affecting your ability to consolidate your student loans or would like to get a personal loan to pay off the consolidated debts, Bad Credit Loans offer personal loans for bad credit. Using this loan to pay off your student loans which may have high interest rates is a good idea for many people who have multiple lines of student loan debt.
4. The Only Credit Card You’ll Ever Need
The average American spends $1,400 on gas and $3,500 on groceries. 5% cash back on these sums can secure an extra $245 a year on these two purchases alone. Add clothing, utilities, and gifts into the pot and that cash back could surpass $500 a year.
More money in your pocket can mean less debt, which in turn could mean less interest. However, what happens to individuals that are usually turned away from a new line of credit? Is it possible to get a new credit card if your credit isn’t as high as you’d like?
The answer is yes! There are dozens of credit cards out there for individuals who have bad credit. Bad credit can happen to anyone mainly because of how many aspects of your life affect a credit score. First Progress Platinum Select MasterCard® is one option for anyone in need of a credit card. Whether you are trying to build you credit again or plan on using it to pay off your debts, this option is good for consumers of all ages. Applied Bank® Secured Visa® Gold Preferred® is another secured credit card that individuals with poor credit should apply for. Fast approval times take away the waiting time that typically comes with applying for a new card and can get you up and running with a new line of credit quickly and help you get out of debt.
Another thing to consider when deciding which credit card is best for you is the monthly payments you will be required to make on the card. Minimum payments differ from card to card and can be important for those looking to keep costs low month to month. With low monthly minimums, primor® Secured MasterCard Classic Card can keep you within budget when it comes to paying off your card every month. OpenSky Secure Visa® Credit Card also approves applicants fast, offers low minimum monthly payments and accepts customers with bad to fair credit.
5. Save 52% On Your Energy Bill (Each Month)
Energy is a precious resource that many Americans take for granted. Because we view it as such a necessity, many people don’t even consider that there are ways to save on something that we use so frequently. The average monthly electricity bill in the United States is between $83 and $143, depending on the state. This amount is growing all of the time, but there are many ways that any household can bring these bills down. Integrating any of these tips into your household routine can save significant amounts of money and help you get out of debt.
- Start by going Solar: Many Americans don’t consider going solar because solar power requires an initial investment. Although this is true, with rebates and tax credits, it’s not as expensive as it looks. The investment will start paying for itself within the decade, making it a no brainer for anyone looking to save in the long run. The other issue some people face when thinking about using solar power is that they are unsure where to turn to begin the process. Snappy Solar offers a new US solar program that includes a free quote and information on the benefits of going solar.
- Washing Dishes & Clothes: What most people don’t know is there is money to be saved when using a dishwasher, washing machine and dryer. Wash full loads in the washing machine and put clothes on a washing line instead of in the dryer. If you do use the dryer, run an extra spin cycle in the washing machine first. Use cold water to wash when possible and operate all appliances during the night for off-peak savings.
- Check Other Appliances: Check the seals of ovens and fridges to ensure they are not overworking because of escaped heat/cold. Keep them maintained and operational, check the temperature of the refrigerator, and use more efficient bakeware. Leave the oven door open after cooking during the winter to use recycled heat to warm your home.
- Be Efficient: Don’t leave technology on standby as it still consumes energy. The extra time it takes you to turn off an appliance in the evening and in the morning will save you money. Turn off lights when you leave the room, use blankets instead of turning the thermostat up, use a fan instead of the AC, power your home using solar energy. Being in an energy saving mindset can save you hundreds of dollars every month.
6. How to Get Out of Debt by Saving Money Every Day
The vast majority of debtors are stuck in the cycle of debt because they are reluctant to make significant changes in their lives and don’t know how to get out of debt. It’s understandable because debt can be depressing and having a sense of hopelessness makes it difficult to have the willpower to change. Without a desire to take the next steps towards getting out of debt, most people continue this cycle of amassing more and more debt. This accumulation can seem never ending, but the truth is there is always a way to begin to dig yourself out of any financial situation. By trying to make changes little by little and to sacrifice some of the things you enjoy, those debts will clear more quickly. Not only is this a huge plus for your bank account, but also your mindset and well being.
- Make Smart Food Choices: Most Americans tend to buy food without trying to save money throughout the process. Food is a necessity, but there are ways to save on almost all the foods that your family loves. From weekly grocery store deals to manufacturer’s coupons, making smart choices about the food you buy can contribute to getting out of debt. Another resource to checkout is a blog, like Pocket Your Dollars, that has weekly coupons and deals on their website for consumers to use free of charge. With shopping lists and freebies, saving on food has never been easier. We also tend to throw away a lot of food, so buy what you need and consume what you have.
- Vacations: Two weeks in the sun could add two years to your debt, as the average American family spends 10% of their annual household income on vacations, with over a quarter spending more than 15%. For most families, that’s between $5,000 and $8,000 a year. Vacations are great for those who can afford this luxury. But it is a luxury that is not necessary for those trying to save money and work their way out of debt. Especially for those who tend to overindulge, spending on vacations can add up, resulting in even more debt.
- Wait It Out: We all want the latest video games, DVDs, and gadgets and we all rush out to buy them when they are released. But by waiting a few weeks or months, we could save anywhere from 10% to 50% on those initial retail prices. Patience is a virtue, and you can’t afford to live any other way if you want to clear those debts quickly. Trying to have the latest and greatest is one of the most common ways that Americans fall into debt. Stop this habit and remember that new doesn’t always mean best.
- Memberships and Gift Cards: Memberships and giftcards go without use every day. If you have a membership to the gym, use it or stop renewing it. If you have gift cards, use them or sell them. $2 billion worth of gift cards go to waste every year, and only 18% of gym memberships are used. That’s an inordinate amount of financial waste. And that’s without factoring in the loss from superfluous media subscriptions, rental services, and warranties.
BONUS – Find Scholarships to Avoid Student Loan Debt
As we’ve mentioned, student debt is one of the biggest types of debts many people face. Almost anyone who has put themselves through an education or who is currently attending a college or university knows how burdensome paying for a degree is. Aside from student loan forgiveness, refinancing and consolidation, scholarships are an excellent way to pay for your education. Most universities offer different types of scholarship opportunities, all you need to do is apply for them.
The thing that often turns people away from being awarded scholarships is the application process. Although many scholarship applications can be lengthy, there are hundreds available that take little time to complete, like the scholarship DebtReviews is offering. While some scholarships require applicants to fall into a specific category, such a the degree you are majoring in or cultural background, many are open to all students. These broad scholarships are ideal because they won’t limit you from the very beginning. A quick online search is the best way to start looking for scholarships, as most of the applications can be found there.
DebtReviews.com has recovered over 100 million dollars in debt relief and has a passion for giving back to students who are striving to stay out of debt, while receiving an education. Our hope is that we can inspire future generations to stay out of debt and on top of their financial situations by offering a scholarship to those deserving in the community.
REQUIREMENTS:
To apply for this scholarship you must
Have at least a 3.0 GPA
Plan on attending a University in the Fall
Have a desired Major relative to Business, Economics or Finance
Be active in Philanthropy
If you fit the requirements please email us at scholarship@debtreviews.com or fill out the form below to get more information.
After you provide proof that you fit the requirements, You will be required to send in a writing sample of your ideas on how America can solve the financial crisis in 750-1000 words.
All submissions must be sent in by September 2019 in order to be considered for our $1,000 Scholarship opportunity for the 2019-2020 School Year.
If you would like to find out more about our Scholarship Opportunity, please fill out the form below and we will get back to you as soon as possible.
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