Sailing Close To The Wind? This Guide Will Help You To Lower Your Debts
Debt can be a horrible cross to bear for many people. The more debt one owes, the more they feel like they are drowning in the sea of financial hell. Of course, debt is only an issue if you cannot manage it.
Most, if not all, people will owe money to someone at some point in their lives. Even things like borrowing some tools from your neighbors can become debts if you don’t give them back!
If you feel like you’re sailing too close to the wind, today’s dynamite guide will help you to lower your debts. Here is what you need to know:
Get rid of non-essential debts
Debts can get categorized into two sections. The first is money that you borrow. It can be in the form of loans, credit cards and finance. The second is services and subscriptions. Examples include cable TV, streaming music services and so forth.
If you find that you are spending more on your bills that you need to, it’s time to cut back on any non-essential debts. Sure, you might enjoy listening to music on Spotify Premium. But there’s the always the radio for free music and entertainment!
I can guarantee you that you are paying for some non-essential items. And I’m also willing to bet that many of those items are seldom used by you. At least, not used enough to justify paying for them!
Get rid of your car
Do you live in an area served by a well-provisioned public transit network? If so, you should consider selling your car. You’ll get some cash from the proceeds of your sale. And you’ll also save money because you won’t have to pay for car insurance, taxes and repairs.
Living your life without a car can also encourage you to be greener and healthier in your lifestyle. For example, riding your bicycle to work and back is healthier than driving your car ten blocks down the street!
Consider debt consolidation
If you have too many things to pay for, and you can’t cancel most of those debts, you should consider consolidating them. There are a few ways you can do that.
First, you can have a company like Debt consolidation USA manage your debts. You pay them a fixed monthly fee, and they distribute the proceeds fairly among your creditors. Another option is to borrow a large sum of money and pay off all your creditors with it.
The latter option makes sense if you’ve got a good credit record and you have a lot of credit card debt. Otherwise, you might find that you’re paying more than double the original balance on your credit card debts!
Get a better job
Is the problem down to you not earning enough money? If so, you should start looking for a well-paid job. That way, you’ll earn more money and have a bigger disposable income. The result? You get to clear your debts off quicker!
The Internet is your friend as far as job hunting is concerned. It’s a viable option for lowering your debt; do think about searching for a new job elsewhere.