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Being in massive debt is now becoming a predicament that millions of people are facing in their daily life and this is becoming very depressing for lots of people that are looking for how to get out of debt fast, regain their sanity and finally have peace of mind.
Be that as it may, a lot of people get into debt unknowingly and while many simply know what they are getting themselves into but have no choice because of the terrible circumstances they find themselves in.
If you are looking for how to get out of debt fast when you are broke or earning little income and still want to get out of debt, then the steps in the post will help you a great deal, help you get back your life and most importantly peace of mind.
It might surprise you to know that a few people have tried to even take their own life because of the depression, disgrace, ridicules, pain, unexpected health condition and so on caused by debt.
That shouldn't be you, my friend, cause there are now easy ways on how to get out of debt quickly, its only money, your life is so much more precious.
However, if you are looking for how to get rid of debt without paying a dime then this article is not for you.
To get out of debt-free you'll have to pay for it one way or the other unless if the government or the companies in question decide to right it off for a good reason.
Now let's look at the easy steps on how to get out of debt-free
Step 1: Find Out How Much Debt You Owe
To get out debt free the very first thing you should do is try out find out how much you owe or how much your debt is in total so that you will know how much you'll have to pay out with a good debt payment plan in place.
You can use how to get out of debt fast calculator to enable you to determine what you'll have to pay either on a weekly or monthly basis.
There are also good how to get out of debt books out there that you can buy to get more ideas on how to get out of debt faster.
Step 2: Start An Easy Debt Payoff Plan To Pay Them Off
Now that you know how much debt you have to pay off in total, the next step is to have an easy step payoff plan in place to enable you to pay off your debts easily without it putting more strain on your life or giving you more stress.
You can find good debt handlers or companies online that can help you create an easy debt payment plan that you can use to pay off these debts gradually till you finish paying off all the debts you own in full.
From personal experience, I will suggest you tackle the small debts first that you can afford to pay off in one go cause they would ease up the stress a little. Like they say “Every Little Helps”.
You can pay off the big debts maybe weekly or monthly after deciding with the debt handlers or companies how much you can afford to pay on a weekly or monthly bases.
Believe me, this works and before you know it you are completely debt-free.
Step 3: Get Rid Of Your Credit Cards (THE HOOK)
One of the major reasons why lots of people get into massive debts is because of having numerous credit cards.
Though credit cards help you build up your credit score which is apparently what it also meant for but misusing this privilege is what can easily get you into more debts if not careful.
So if you are looking for how to get out of debt with no money and bad credit, then your best bet is to get rid of your credit cards as much as you can cause they are the “HOOK” even if the credit card companies don't tell you.
The thing is if they tell you this they stand to lose money for the company (TRADE SECRETS).
Step 4: Create a Monthly Budget That You Can Work With
Knowing how much you own is the first step in for anyone seriously looking for how to get rid of debts and the next and step is finding an easy way to pay off these debts.
To do this you'll need to have a monthly budget in mind one that you can work with and one that won't get you into more stress than you already have. As long as you're sure you can afford that amount every month to start paying off your debts gradually.
I know this might affect your quality of life but understand that you are trying to get out of debt, be debt-free and most importantly finally have peace of mind which is your main goal. So look at it from that perspective.
Step 5: Lower Your Interest Rates to Save Money (Utility Bills)
The next step is to find a way to lower the interest rates on your Utility bills like water bill, electricity bill, cable bill etc to save money cause this also helps a great deal.
Lots of people end up paying more than they initially signed up for with this Utility companies. This is not a fault from you but from the companies themselves who increase the tariff on your Utility bills without your knowledge or consent.
The good news is, you can now save money with your Utility Bills using companies like “TRIM”.
TRIM is a company that helps people save money on their Utility Bills. You should give them a try, you'll never know how much you can save on your Utility Bills.
How To Save Money On Utility Bills
Below are 50 helpful ways on how to save money on your Utility Bills (INCREDIBLE TIPS).
Please Watch This Video To The End
Step 6: Go For Only The Essentials When You Have Little Funds
It's normal that most of the time we tend to want something when we don't actually need it.
It's quite different if you can afford it but in a situation where you can't afford it because of your money situation then I suggest you concentrate on the necessities, what you really need in your day to day life.
This might seem a bit hatch too many people but the truth of the matter is if you are in serious debt and looking for how to get out of debt fast when you are broke then embracing this mindset is what will enable you to reduce spending and most importantly save you from being in more debt.
You can save money on food shopping each month by buying less expensive brands cause it many cases you'll get to discover that some of the big brands and normal brands do the same thing. It's just the name difference.
If you love eating out all the time then I suggest you cut down on that for the main time.
Eating at a restaurant can be more expensive and also harder on your waistline.
The reason is because meals at restaurants cost more and include larger portion sizes and more fat than the average dinner cooked at home. So cutting down on this habit of eating out all the time helps a great deal.
If you love designer brands then I suggest you cut down on that too for the meantime.
You'll be surprised to know that you can get some of this same stuff for cheap on various stores if you research properly online and most of them seem to do the exact same thing from our discovery.
Step 7. Be Prudent In Spending (Know Your Limits)
Another vital steps you should consider is being prudent in your spending habits cause this is the major reason why most people are in debt in the first place. So learn to say “No” to somethings sometimes when you know you can't afford it.
This has to do with our mentality cause your body wants it but your mind is struggling to say no to it and as a result push you into finding a way to get that thing even if it will make you end up in debt.
Take for example Nights out, shopping trips with friends which could make you end up spending almost everything you have in your wallet.
Have you noticed that sometimes you buy more than what you initially went to buy at the shop? This happens all the times so in order to over this you have to start teaching your mind how to say “NO” to things you can't afford at the moment.
This is a must for anyone seriously looking for how to get out of debt quickly cause this habit slowly but surely run down your finances down without you knowing.
To replace this you can suggest maybe a game night or potluck at your place. This can also help you have more quality time with your friends and family for a lot less money.
Another thing you should consider is cutting down the money you spend on your expensive hobbies like Expensive Yoga classes if you know deep down that you can't really afford it.
Some people engage themselves in these expensive hobbies just to fit in. Some do it just because others are doing it not minding if it would dig a hole in their pocket or not. So don't force it if you can't, you don't have to please anyone to inconvenient yourself.
If you really want Yoga lessons that bad there are lots of videos on YouTube on Yoga classes that you can simply do at home completely for free. Think of it as having Yoga classes in your own home.
Step 8: Find A Way To Increase Your Income By Starting A Side Hustle
If you're working and your company is not paying you that well despite all the time and efforts you put into your work, then try and find a side hustle that can enable you to bring in some extra income.
All you have to do is just commit a few spare hours in your week or weekend and something productive that can make you some extra money.
For example, you can start from your couch today by taking simple paid online surveys with online companies Swagbucks or Survey Junkie, etc.
You can also become User Tester by doing website reviews for companies that require these services and make some extra cash too.
Another side hustle you can do from home to make some extra money is becoming either virtual assistant, a freelance writer, proofreader, and offer your services to other companies
These online always need home workers in these major areas and they will pay you for your time and efforts when done consistently. All you need is just to spend just an hour or two a day and commit yourself to it diligently.
If you are business-oriented you can start a small low budget online business. Here is a post on how to start a small online business at home.
With the help of the internet, you can start a profitable online business that could make you money than you are paid working the regular 9 – 5 job.
There are lots of people now working from home and making a very good income from doing this. There are people making 5, 6 even 7 figures in earnings per year running successful online businesses many working from the comfort of their homes.
So if they could you can too. And if you are looking for a completely done for you online business then the “12 Minutes Affiliate Program” would be of great help.
Step 9: Find Something To Get Your Mind Off Stress
Last but not the least, try and find something to keep your mind off the hedge, something that will help you ease the stress. Its natural for humans to think but overthinking will only make you more stressful and more worried.
You can take your mind off things by maybe watching a good movie at home at times interval with your loved ones or family, a good movie like a comedy, something similar that will make you laugh and forget your worries sometimes.
Laughing is good cause when you laugh you are happy and when you are happy even if it's for a brief moment it helps calms down the tension and stress.
You really can get out of debt-free if you follow the simple steps outlined in this post. These steps will be a bit difficult for you at the beginning but as time goes by you will become accustomed to it.
These Steps Are Very Essential If You Really Want To Be Debt-Free.
So if you are tired of being in debt and seriously looking for how to get out of debt fast or how to get out of debt on a low income, then please follow these vital steps.
You'll be glad you did in the end. I hope you find the tips in this article helpful.
Please share with friends who may need help in this area. Thanks a lot.