TIPS ON HOW TO GET OUT OF DEBT

Find out how to get out of debt, control your finances, and find real solutions by reducing monthly expenses and increasing income.

With a little sacrifice you'll be able to cut all unnecessary expenses and avoid impulse purchases. Try to adapt your lifestyle to your salary.

Creating financial goals such as a new car, trip vacation, college education, plastic surgery, are big incentives to save more of your money.

6 How To Get Out Of Debt Tips.

1 - Change your attitude - Cut down or stop your credit card usage.

2 - Sacrifices - Eliminate some of your expenses. Cut down on your energy bill, brew your own coffee, don‘t go out to dinner too often…

3 - Call your creditors - Start negotiating with your creditors. Be truthful and as clear as you can. Ask for a longer payment plan. Try to refinance or consolidate your credit card debt on a lower interest rate. (If you can get the cash, you can get huge discounts by paying it off.)

4 - Prioritize - If you are not able to pay all the credit cards, prioritize the ones with the highest interest rate. A personal loan can be used to do this.

5 - Open a savings account - Put the cash you have saved by cutting expenses into a savings account. If the amount is too low, think of ways to make extra money like (get a part-time job, have an yard sale,…)

6 - Commitment - You must fight the urge to spend. Stick to a new, realistic budget and find ways to increase you income.

Proof of Income Form

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Promissory Note Sample

Sample Hardship Letter

Financial Statement Form

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