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Get Out Of Debt Fast
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How do you get out of debt fast? Well, you don't. Unless you hit the lottery, that is. Chances are you did not get into this situation overnight and unfortunately, you can not get out of it overnight. And while it seems impossible at this moment, it can be done and done relatively painlessly.

The first thing you need to do is stop the bleeding. To get out of debt you need to stop creating new debt. So turn off your credit lines, cut up your credit cards and stop borrowing. As my grandfather used to say, "When you are already in the hole, stop digging." You don't need to cancel your cards. In fact, your credit score will be effected if you all of a sudden start closing all your cards. You just need to stop using them. Once they start getting paid off, then you can start closing them, one at a time.

This is probably the hardest step. It is very hard to go from I want it, I got it to I want it, let me save up for it. That instant gratification is a hard habit to break. But I will tell you something wonderful that comes from waiting. You will find that all this stuff you feel you can not live without, that you need to have today or life will not seem complete is totally useless. My husband and I struggled with this step a lot but now we couldn't imagine living any other way, even though we now have the savings to make these purchases. When something breaks down or needs replacement, we really consider just how necessary the item really is and nine times out of ten, we end up not purchasing it.

Now you can really start getting out of debt. Gather up all your credit card statements and list all the cards, their balances, minimum payments and interest rates. While you have your statements out, there is a box which states how if you pay $x instead of your minimum payment will get you out of debt even faster, usually 3 years. Many times this amount is just a little bit more than your minimum payment. If you can swing this amount, go for it.

Figure out which card you would like to pay off first. Many experts recommend starting with the one that has the lowest balance. It will get paid off quickly and give you the drive to continue. Which is solid, logical thinking. If I were Mr. Spock that is what I would have done. But being the illogical creature that I am, I went with the company that was rude to me when I needed some help. Not logical but it made me feel pretty good.

Once you pay off that first card, add that payment to the next card you want to pay off. And then repeat with the next card and the card after that and the card after that. I am hoping that there are not that many cards after that. If you follow this plan you will be out of debt in a few years.

Now I know that many experts suggest that you work extra jobs and cut out everything fun until you get out of debt. I don't know about this strategy. I think it is a sure recipe for failure and will save you at most 6 months to a year. Plus I believe that everything needs to be done in balance. You can not forsake every other aspect of your life just to get out of debt fast.

There is more to getting out of debt than just paying off your credit cards and credit lines. You also have to watch spending, save for emergencies and budget. But if you start here with your credit, you will be in the fast lane to getting out of debt.


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