10 tested Macgyver ways to get out of debt faster

It is a stressful experience to be in debt. Whatever be your circumstance, if you borrow money/ take a loan, you are obligated to pay it back. Wouldn’t it be wonderful if all your debt just magically disappear? Here are some tips to get out of your debt easily.

  1. Make a realistic budget and stick to it. A budget tracks your income and your expenses and is crucial to get out of debt in a short period of time.
  2. Take a conscious decision to stop borrowing money
  3. Make a payment plan with automatic deductions
  4. Change your spending habits as you will be accumulating debt from poor spending choices
  5. Prioritise debt repayments. Make a list of all outstanding loans and then decide which of these to get rid of first.
  6. Seek help from a credit counsellor. It is a good idea if you are unable to tackle your debts on your own.
  7. Build a small emergency fund. It is difficult to get out of the vicious cycle of debt without a mini emergency fund to tackle any emergencies that arise.
  8. Stop using your credit card as this will keep increasing your debts.
  9. Involve all your family members/ dependents to get a clear picture of the overall outstanding loans, expenses and income.
  10. Learn to say, “No” and make it a part of your daily vocabulary. You should be saying it quite often when it comes to spending money.

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About the Author: Soumava Chakraborty