With that in mind, here's 10 great tips for getting out of debt.
- Learn the word “no”: Avoid the temptation of the buy now-pay later mentality that we are bombarded with every day in ads and TV commercials. Develop the mental strength to only buy what you really need and adopt the do-whatever-it-takes mindset.
- Pay cash instead of using credit cards: You’ll never get out of debt until you stop making consumer debt a way of life.
- Start following a budget or spending plan: It’s worth the time, and you can save a ton once you see where you are wasting your money.
- Get a part-time job: One of our clients made nearly $20,000 a year delivering pizzas. No excuses!
- Use Kijiji or Craigslist: Sell your stuff. Or, better yet, if you have a skill for making something, put that skill to use by making stuff and selling it online.
- Stop eating out: If you don’t know where all your money is going each month, we’re pretty sure Boston Pizza can locate it for you.
- Cut cable: Welcome to 2017, where you can watch most of your favorite shows online. Put that $80-per-month cable bill toward your consumer debt.
- Visit the library: Remember libraries? They have free books you can borrow! Free is a lot cheaper than Amazon.
- Avoid expensive hobbies: $200 a month on golf and you don’t even have an RSP or an education fund for your children?
- Use the Debt Snowball Method. Focus all your energy on paying off one debt at a time. Google 'Debt Snowball' for more info! Having a system to follow can make all the difference.
The bottom line is that you’ve got to get serious about getting out of consumer debt - if you really want to do it.
Don’t let next year come around with you still up to your eyeballs in debt because interest rates are set to rise this year. When they do, it’s going to set a lot of other things in motion. And put a lot more pressure on anyone with consumer debt.
Not sure you can tackle your debt yourself? I get that. Personal debt, consumer debt, household debt; whatever it is, the pay-down challenge can be intimidating. Allow me to help you. My Debt Eliminator course is an organized way to pay down your debt without ruining your credit rating. Check it out the Debt Eliminator program.