How to get out of debt quickly

These simple tips can help you get out of debt without any fuss.

08:41 14 December 2013

Most people who get into debt want to know the easiest and quickest way to get out from under the overwhelming payments and interest. There are a few ways you can get out from under the fees and start paying off what you owe quickly.

• Create a budget. You start this process by laying everything out in a notebook. You will need to list your assets, how much they are, where they come from, and are they regular or sporadic. Then chart your expenses. You want to lay out needs, such as mortgage or rent payments and your wants, such as dining out or seeing movies.

 

• The next step is to eliminate everything from your budget that is not a need. This can be difficult but it is a necessary step if you want to get out of debt quickly.

 

• Look at your credit cards and see if there is a way to decrease your interest payments. If you can trim down your interest payments, you can save yourself hundreds or even thousands of pounds over the life of your debt.

 

• If you can consolidate or transfer a high interest balance to a lower interest option, do it. It will save you money and help consolidate some of your expenses to make them easier to keep track of and manage.

 

• This process takes discipline. It can be hard to do without especially if you are used to it. However, you can comfort yourself and give yourself motivation by thinking about how much of your income you will be able to use when you are debt free.

Getting out of debt quickly requires discipline and a serious plan. Keep your motivation and follow the simple plan and you will clear your high interest debts in no time.