Ready, Get Set, Escape Your Debt!

February 21, 2017

Loans

Perhaps that title is a little misleading because it suggests escaping debt is a sprint. On the contrary, freeing yourself from debt is more like a marathon. It might take some time, you’ll have to pace yourself, but if you put in the effort at the start, you will get to the finish line. However, it is worthing thinking about some of things you should do along the road that this race is on. A few stops that you may want to take perhaps.

Swallow Your Pride

One of the worst things you can do when you’re in debt is hold onto your pride and refuse to ask for help. If you have people around you who can give you financial and emotional support, you need to turn towards them in your hour of need. You have to make sure that you don’t continue to try and pay the bills when you can’t afford it. It may be embarrassing, but the quickest way out of debt might be to move back with your parents or a close relative. Remember what we said about swallowing your pride? Just think about how much easier your debt will become once you don’t constantly have to worry about paying rent or expensive bills. At this point, you might feel as though you are becoming a leech. But you must remember this is a temporary solution. Ultimately the goal is to reach a point with your finances where you can become independent once more.

Know Your Debt

Think of your debt like an animal and try to find out its weaknesses. Find the spots that are easier to pay back and the ones that are a tad more challenging. If you have debt from multiple sources, it can seem like Cerberus, the mythical three-headed dog that guards the underworld. Or even the legendary hydra. Cut off one head of this monster, and two more take its place. It would be so much easier if your debt was just one big wolf. Scary sure, but far easier to handle than a monster with multiple mouths. Well, that’s a possibility if you consolidate debt with personal loans. That way, you can make sure you only owe money to one source rather than several. It’s still a beast, but it can be tamed.

Cut Down Your Costs

Finally, if you’re dealing with debt, you do need to think about how to cut down the costs in your life. This is particularly important if the debt has arrived at a time in your life where you don’t have a fixed income. You should start by looking at your home bills. Are there ways you can put a limit on your bills? One of the easiest ways to do this is by making your home a little more eco-efficient and friendly. We’re not talking about massive, expensive changes here that you probably won’t be able to afford. Instead, you can think about putting up thicker curtains. This will keep rooms warm and mean you don’t have to use the heating as much.

Take this advice and you’ll cross the finish line of the debt marathon in no time.

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