Your 5 Step Guide to Getting Debt Relief Fast
Guide to Getting Debt Relief Fast
Carrying balances on multiple credit cards is stressful and expensive, and paying them off quickly can be a challenge. This 5 Step guide can help you develop a plan to pay off your debt or identify the best debt relief option when a traditional payoff plan just won’t cut it.
Step 1: Stop making it so difficult to get debt relief
The only way to get out of credit card debt is to stop creating new debt while paying off what you owe. This means you need a budget that covers all your expenses and builds in emergency savings. That way, you can avoid new charges to cover daily expenses and emergencies, which leads us to Step 2.
Step 2: Create a budget that’s optimized for getting out of debt
A budget is essential in your quest to get out of debt, no matter which debt relief option you end up using. You need to get a budget in place—written out and not just in your head.
Step 3: Take stock of your debts and decide on a repayment strategy
Now it’s time to get down to the nitty-gritty of obtaining debt relief. That starts by figuring out exactly how much you owe, what it’s costing you, and where each debt stands.
Step 4: Set up a debt reduction plan
If you owe less than $5,000 total, then you may be able to get out of debt on your own just by making payments strategically. This is where your budget comes in because minimum payments aren’t going to help you get out of debt quickly. Instead, you need to put as much money as possible towards paying off one debt at a time.
Step 5: Explore options for debt relief
If you owe more than $5,000 total or you don’t have much cash on hand for paying off debt, then the strategies above won’t get you the results you want in the time you want. Instead, you need to find a debt relief option that will fit your needs, credit, and budget.
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