Get Out Of Debt
As anyone who owes money will tell you, being in debt can be the most suffocating experience of your life. Struggling to make ends meet. Wishing you had just that little bit of extra cash each month to enjoy a dinner out, or take a well-deserved holiday.
Whatever your reasons for getting into debt, there are many ways to help you get yourself out of debt, especially payday loan debt. It's important to take control of the situation and see where you can not only save money, but also reduce your existing debt where possible and even freeze the interest you are currently paying, just to help you get there quicker. Whatever your motives, we've picked some of the best ways to get out of debt quickly. |
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Top five ways to get out of debt
1. Earn a second income as an affiliate
When you hear about people making thousands and thousands of pounds online, more often than not, the real ones are making it as an affiliate. That means recommending a product or service and earning a commission each time someone buys it. Sounds easy right? It is. But don't get your head in a tizz about making millions and millions. That rarely happens and it's normally because the affiliate has worked for years on "money making systems" to afford the car he drives in the videos that we have all seen.
That said, it is possible to make extra money online as an affiliate, and you really don't need to know that much about technology in order to do so. There are many sources of information and training available online about how to earn extra money as an affiliate. To learn more visit Affiliorama, a fantastic online resource.
2. Debt management plan/IVA
In an effort to get out of debt, rather than earning more money to pay off your debt, you could look at reducing what you owe via a debt management plan or an IVA. This option should not be taken lightly, however, it could put you in a far better position that you currently are with the debt that you have. A debt management plan means agreeing with each of your creditors to reduce the amount you repay each month to make life easier for you. They may also be able to freeze the interest on your account but ultimately you will still have to pay the amount in full, it will just take longer to do so. An IVA on the other hand, also looks at what you can afford on a monthly basis but after a certain period of time, normally six years, the remainder of the debt is wiped off and you can start afresh, albeit with a very poor credit history.
3. Get a second job
Having a second income can make a lot of difference when you are trying to pay off debt as quickly as possible. It is important, however, to double check the numbers and make sure that in the long run you don't end up paying more tax than you end up earning. Having a second job will also mean you have less time in your personal life and could make you tired and unwell. An evening restaurant or bar job, or a weekend retail position could be ideal, and could mean some good discounts when it comes to buying clothes or other items.
4. Write
Have you longed to be a writer? The first thing to note is that it can be difficult to get your work published. There are literally thousands of people out there who are budding writers and desperate to get their work published. That said, it's certainly not impossible and if you do your research well enough, you could get your book published quickly and easily. Whether it's a fictional novel that you have been developing for years, or you want to write about a subject you would consider yourself a specialist in, writing is easy to do. You could even write an eBook to sell online or for the Kindle and other eReaders.
5. Scrimp and save
This is probably the least favourite of all the options to get out of debt but quite probably the easiest to do. If you are in debt, it's important to take control of your finances and really understand how much you are in debt and where your money is being spent each month. Then take a look a where you are overspending or spending unnecessarily spending and cut down. A daily £3 coffee is £15 a week, or £780 a year. That could be one of your debts paid off in a year, easy peasy.
When you hear about people making thousands and thousands of pounds online, more often than not, the real ones are making it as an affiliate. That means recommending a product or service and earning a commission each time someone buys it. Sounds easy right? It is. But don't get your head in a tizz about making millions and millions. That rarely happens and it's normally because the affiliate has worked for years on "money making systems" to afford the car he drives in the videos that we have all seen.
That said, it is possible to make extra money online as an affiliate, and you really don't need to know that much about technology in order to do so. There are many sources of information and training available online about how to earn extra money as an affiliate. To learn more visit Affiliorama, a fantastic online resource.
2. Debt management plan/IVA
In an effort to get out of debt, rather than earning more money to pay off your debt, you could look at reducing what you owe via a debt management plan or an IVA. This option should not be taken lightly, however, it could put you in a far better position that you currently are with the debt that you have. A debt management plan means agreeing with each of your creditors to reduce the amount you repay each month to make life easier for you. They may also be able to freeze the interest on your account but ultimately you will still have to pay the amount in full, it will just take longer to do so. An IVA on the other hand, also looks at what you can afford on a monthly basis but after a certain period of time, normally six years, the remainder of the debt is wiped off and you can start afresh, albeit with a very poor credit history.
3. Get a second job
Having a second income can make a lot of difference when you are trying to pay off debt as quickly as possible. It is important, however, to double check the numbers and make sure that in the long run you don't end up paying more tax than you end up earning. Having a second job will also mean you have less time in your personal life and could make you tired and unwell. An evening restaurant or bar job, or a weekend retail position could be ideal, and could mean some good discounts when it comes to buying clothes or other items.
4. Write
Have you longed to be a writer? The first thing to note is that it can be difficult to get your work published. There are literally thousands of people out there who are budding writers and desperate to get their work published. That said, it's certainly not impossible and if you do your research well enough, you could get your book published quickly and easily. Whether it's a fictional novel that you have been developing for years, or you want to write about a subject you would consider yourself a specialist in, writing is easy to do. You could even write an eBook to sell online or for the Kindle and other eReaders.
5. Scrimp and save
This is probably the least favourite of all the options to get out of debt but quite probably the easiest to do. If you are in debt, it's important to take control of your finances and really understand how much you are in debt and where your money is being spent each month. Then take a look a where you are overspending or spending unnecessarily spending and cut down. A daily £3 coffee is £15 a week, or £780 a year. That could be one of your debts paid off in a year, easy peasy.