Do you have any debt? Maybe a mortgage, credit card debt, student loans, or something else? Whether you have “good” debt or “bad” debt, you probably want to eliminate it. Here are four ways to eliminate your debt.
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1. Cut your budget.
Do you have a budget? I guess we should probably start with that question. Make sure you have a budget that is realistic. You need to have a realistic expectation of what you spend each month and how much you bring in each month.
If you already have a budget, then you should try to find ways to slash it. Here are some things that you could do to slash your budget.
- Maybe eliminate something completely for a few months (if you are trying to drastically eliminate your debt as soon as you can)
- Lower the amount you spend (such as if you don’t want to completely cut your cable, you could instead just eliminate a few channels and lower your package).
- Find a cheaper way to do things (such as try eating at home more or bringing your lunch to work).
2. Sell your stuff.
Do you have anything in your house that you could sell. Maybe an antique, clothes, electronics or anything else. Maybe you could even hold a yard or garage sale to get rid of a lot of clutter in your home.
3. Find a side job.
A side job can really help you eliminate your debt much more quickly. You could put every extra dollar that you make towards your debt so that you don’t end up “missing” your money. Just think of all extra money as debt money.
4. Get rid of the problem.
Do you know why you have debt? Maybe the problem is that you treat credit card debt as “income.” Many people do this. They charge up their credit card just because it is there to spend. If this is your problem, just completely get rid of the credit card. Cancel it if you have to, freeze it in a block of ice, ask for your balance to be lowered and so on.
Do you have any debt? Are you working on getting rid of your debt?