Every Year Millions of People are struggling to overcome debt.
From student loans to credit cards, more Americans than ever before are trapped in an ever-expanding credit crunchThis Is How to Get Out of Debt Even if You Aren’t Making Enough MoneyFinding yourself in the endless cycle of debt can feel like being at the bottom of a never ending sink hole. You spend every moment of your waking...CreativeAnthology.com, and with overall debt growing more uncontrollable by the day, there seems to be no relief in sight.
Debt doesn’t just cost us the cash we seal up and send off in envelopes each month, however, it also eliminates any chance of us ever seeing the money we could have made by investing those dollars diligently for the future.
Armed with the best debt destroying knowledge6 Unexpected Things Every Business Woman Needs to Know About Her FinancesWhen you're balancing the twin specters of a career and a social life, the thought of fiscal responsibility and management sounds about as exciting...CreativeAnthology.com you can get your hands on, if you’re ready to put yourself into the financial fix-up fray in the fight for your fiscal future, call up your creditors, break out your best battle plan, and work on your war face, ’cause it’s time to gear up to take your debt down.
The Savvy Way to Become Debt Free in Less Than a Year
Find out exactly how much you owe, and who it’s owed to.
1. Owe My – Sadly, the paltry amount of information you managed to memorize as the bank manager numbed your mind with line after line of legal jargon just isn’t going to cut it if you want to figure out how to get your debt paid off nowThis is What You Need To Start Doing Now To Get Your Fiscal Sh*t TogetherPushed aside by the brutal balancing act of keeping everything else in your day to day in it's neat and orderly place, it's easy to let your ...CreativeAnthology.com.
Pop over to Credit Karma, and grab a copy of your credit reports. Head to the outstanding debts section to find exactly how much you owe, and who it’s owed to.
Use that information, along with the knowledge of any other outstanding debts you may owe to make a spreadsheet, and load in every debt to your name, with the total amount, who it’s owed to, it’s current status, it’s interest rate, and its term.
Creative Tip: When you pull down your credit reports, make sure that you cross reference all three of the major credit bureaus. Not all creditors report to every bureau, so if you’re not checking all three, you could be missing some of your biggest debts.
It’s time to make a few extra dollars and spend a few less.
2. Everyday I’m Hustlin’ – Now that you know who and how much you’re paying, it’s time to start putting out the payments, but if you’re already deep in debt, making more than your minimums while still keeping the rest of your budget balanced could be more of a challenge than you originally bargained for.
When it comes to paying off outstanding debts quickly, paying more than the minimum is an absolute necessity, and that means it’s time to make a few extra dollars and spend a few less.
Learn the difference between a need and a want and stop spending money on ANYTHING that is not essential.
Start punching the clock when the work day’s done with a second job.
While a side hustle may not be the most fun thing in the world, putting in the extra effort now means freeing up all those dollars going to paying down debts each month in the future.
Creative Tip: Even if your time budget is coming up short, look for passive ways to either pull in extra cash or cut back on the costs you’re currently paying, like Honey, Groupon, or EBates.
Work out just how much of your monthly payment is going towards interest.
3. You’ve Got to Concentrate – Now that you’ve got your cash flowing in, it’s time to start sending those payments out, but gaining your financial independenceThe Fiscal Habits You Need To Start Cultivating Now If You’re Ever Going To Achieve Financial WellnessWhether you’re working your way through college or just plain working, taking the initiative to not only pay for your own way in life but&nb...CreativeAnthology.com quickly is a task that takes more than just a brief appearance of your John Hancock on the line of a bank issued check.
While you might be tempted to target the biggest bill first, the real linchpin is the bill producing the highest amount of interest each month.
Go through each of the debts on your list and work out just how much of your monthly payment is going towards interest, and start by paying off every extra cent you’ve got towards that bill while making minimums on everything else.
Once you’ve brought the first one down, move on to the next highest, and so on in the series, updating your spreadsheet with each success.
Creative Tip: Once you’ve got one debt completely paid, tempting though it may be to add the money that would otherwise have gone into paying it’s bill each month into your normal budget, pay your other debts off quicker by letting those payments snowball from a bunch of small payments to a few major ones.
Start making estimates on how long it will take you to defeat each debt.
4. Transference– Once you’ve started making your payments, and rounded up all the extra fundsThese are the Most Stylish Side Hustle Ideas for Savvy WomenWhether you're looking to start your own business, pay down your debts, or just get a little extra cash socked away to shore up your accounts, it w...CreativeAnthology.com your wallet can muster, you can start making estimates on how long it will take you to defeat each debt.
With that information, you can start looking into the possibility of beating back the high-interest load through balance transfers.
Many major credit companies offer the option to perform balance transfers at a low introductory rate.
While these offers may seem like the ideal solution, a quick fix to a complex problem, failure to pay off the complete debt before that low rate vanishes is the quickest path to an even worse place than you were in before.
Those low intro rates could give way to crushingly high standard rates, catching you in a nexus of payment pain that can be even worse than where you started.
Creative Tip: Transfers can be a good thing, but always check your figures before you make one, and make sure that you don’t end up paying more than you need to because you overestimated your payment power.
Save up a little bit of cash to offer up as a bargaining chip.
5. Time for a Chat – Nothing in life save for death and taxes is certain, and while your iron clad contract may seem set in stone now, sometimes getting a couple of rate reductions could be as simple as asking for them.
While there’s no guarantee that your request won’t fall on deaf ears, calling up your creditors and requesting a negotiation might be just the trick to get your wallet back to a better state.
Creative Tip: Before you call, save up a little bit of cashThese are the Spending Habits You Need to Break Now to Save ThousandsThere are two polar opposite ideologies that govern the laws of money and spending. What it feels like when you're plagued by a financial situa...CreativeAnthology.com to offer up as a bargaining chip and spend some time shopping for other quotes. Knowing your options going in will make you more confident and up your chances of getting a better rate.
PS: If you’ve already got your business up and running, but aren’t seeing the kind of results you once imagined, check out our free, stylishly frank email course Get Your Business Shit Together and start putting your brand back on track.