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Three Steps to Take If Your Debt Feels Overwhelming

overwhelmed by debt

 

Are you staying up late at night worrying about your debt, and fretting over your credit card bills? Wondering how you’re going to make all of the payments?  Living with high debt can be overwhelming. Not only that, worrying can increase your stress levels, leading to other health issues. Heavy debt, along with missed payments can also damage your credit score, preventing you from reaching other financial goals. It’s time to handle your finances while they’re still manageable. Make a plan to get out of debt. Here are some tips on the fastest way to pay off credit card debt.

Many People Are in Credit Card Debt

Unfortunately, credit card debt increases each year. On average, American households are carrying an estimated $9,333 in credit card debt, and many people are living paycheck to paycheck. A recent survey found that nearly 80 percent of U.S. workers are in that situation. Many people are trying to figure out how to get out of debt. Our three steps to getting out of credit card debt will help you.

 

 

Step #1: Get on a Budget & Reduce Spending

Often times, we spend money on items we really don’t need or items that we can live without at that very moment.  Here’s something that may help you. It’s time for you to get on a budget and reduce your spending. Before buying that next item, stop for a moment and ask yourself – can I really afford to buy this?  Do I really need this? The answer will be obvious. Something else that will definitely help you is to download a budgeting app and start using it, immediately. Here are some more tips to keep you on a budget:

  • Stop living beyond your means.
  • Eat out less.
  • Stop using credit cards. We tend to spend less when we purchase with cash.
  • Do not get cash from your credit cards, which will cost you much more to pay it back, due to high interest rates.

Step #2: Get a Part-Time Job

If you’re having trouble making ends meet with your current salary, consider getting a part-time job. You can take that extra money and start paying down your debt and begin with first paying down the credit card with the biggest balance. Of course, you can also put away some of the money for a rainy day.

 

overwhelmed with debt

 

Step #3: Get Help Managing Your Bills

One of the best ways to get out of debt is to consolidate your debt consolidation loan.  This is useful especially for people with multiple credit cards. Instead of trying to keep up with multiple payments, you simply make one payment to a single account. In addition to credit card bills, you can also pay off any older loans – car, college debt, a personal loan, and more. It’s time to manage your debt.

Talk to Us About Getting Out of Debt

In addition to stress, heavy credit card debt and carrying too much debt in general can cause your credit score to suffer. But help is available and paying off your debt is easier than you think.  Chat now with a debt expert about steps you can take to get out of credit card debt. Are you ready to stop stressing over debt? We’re ready to help you get started!

 

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