How to get out of debt is probably the dream of more than 65% of our planet earth?

Debt is probably the most dreaded word, with its ability to keep you constantly worried, with its ability to keep you constantly worried, especially if you are struggling to keep up with the minimum payments on your credit card and wondering how you will pay your essential bills on time. Naturally everyone wants to be financially healthy. Fortunately, there are a number of ways to get out of debt.

It takes a lot of discipline and commitment to get out of debt. Let’s get started with these tips:

Understand your debt

Begin by taking stock of what you owe and whom you owe., Track your medical expenses, credit card bills, vehicle loans and others and write the outstanding balances along with the interest rate and the minimum payment. Sort your debts by the highest interest rate you are being charged. Now you have your debt listed in priority order – and know what you have to eliminate to get out of debt.

Find the extra cash

You can’t get out of debt effectively  paying the minimum payments way. You need to free up some cash. Cut down on non-essential spending that you can do without. Some ways to do this are:

• Making a budget
• Cooking and eating at home rather than eating out
• Cutting down on certain expenses you can do without
• Using only cash to pay
• Watching the small ticket items, they eat lot of your needed cash
• Trying to raise some cash by selling some assets
• Getting a part-time job to add to your income, since every little helps

Now you have found the extra cash in your budget, make a plan to get out of debt

The next step is to formulate a plan to eliminate your debt. There are tools such as Qodicy SmartWallet to help you do this. Now, the most important thing in this plan is being faithful to it, to ensure that you see real results as you work on getting out of debt.

The plan is simple. Here are the steps you need to follow to get out of debt:

• Step 1: Take your new freed up cash and add to minimum payment of the card on your list. Pay that amount until that debt become zero, while you continue to pay minimum on your other debts
• Step 2: Once that debt is paid off, take that amount you used to pay off that debt and add it to the minimum payment of the next debt in line to be paid. Pay that amount until paid off, while you continue to pay minimum on your other debts
• Step 3: Repeat step 3 until your last debt is paid off. Congratulations! You succeed in your endeavor to get out of debt .

And now, here is a question for you.

Do you think the steps outlined above to get out of debt could work for you?

What is the single biggest hurdle you would like help with right now, to get out of debt now?

After you make a plan of action to get out of debt, monitor you progress strictly. A plan is only as effective as its implementation. If the idea of doing it overwhelms you, talk to us. We will help you get out of debt a reality. We will develop the plan, help you implement it and monitor it.

Click here if you want to know how to get out debt in record time?