How Can I Get Out of Debt

If you are in debt, you need to ask yourself "How can I get out of debt now?" Then you need to be willing to commit to working towards that goal, no matter what the cost. So we'll break it down step by step.

How Can I Get Out of Debt?

First you need to evaluate your home or apartment. If you rent, ask yourself if you can comfortably afford the place you are in. Be honest. If you are living in a luxury condominium or a large house or apartment and it is beyond your means, you need to find a place you can afford and move.

That's harsh. But this is the biggest monthly expense for most of us so you have to do it.

If you have a mortgage, again ask yourself if you can afford it. Many people are in financial trouble because they bought a house when it was easy to get a mortgage, and they bought beyond their means. Is that you? If it is, you seriously need to consider selling your current house and buying a property you can afford or, if need be, renting until you get your finances back on track.

If foreclosure is threatening, go to Stop Foreclosure and learn what steps you might be able to take to either save your home or keep your credit in tack.

Sometimes refinancing your home is the answer. Check with your current mortgage holder and see what your options are.

How Can I Get Out of Debt?

Access your credit card debt.
  • Are you paying on too many credit cards?
  • Are they maxed out?
  • Are the interest rates high?

Maybe a Consolidation Loan can help. A word of caution here. If you do take out a consolidation loan, tear up your credit cards. It's important. If you have extra money at the end of the month, use it to pay the loan off quicker. The quickest way to get back into debt is to take out a loan and then start tapping into your credit cards again.

How Can I Get Out of Debt?

Do you eat out a lot? You might be surprised how much you spend if you answered yes. Fortunately the solution here is simple. Cook at home more.

Do you spend money frivolously? Buying anything you want or playing too much golf or going out to the movies too often? Again, be honest here and cut down on these expenses.

How Can I Get Out of Debt?

Some people have 3 or 4 vehicles even if there are only two drivers in the household. If that's you . . . . . Do I have to say it?

This is not necessarily going to be an easy task, depending on how much debt you are in. But the bottom line is sometimes you just need to bite the bullet and take the necessary steps to get out of debt.

Good Debts

Debt Relief Action Plan

Work With Your Creditors

Bad Debts

Get Out of Debt Home

Debt Relief Step by Step

How to Write a Credit Dispute Letter