When many of us think of addiction, we think of a certain type of person. Maybe it’s a rebellious teen or a homeless person wasting away – or maybe it’s a rock star or a movie star. But whoever we’re thinking off, we’re likely to be thinking of someone young. This is a dangerous and false stereotype: the fact of the matter is that a great many addicts are senior citizens. Seniors, wh...
No one likes living under debt. It is a constant burden, and keeps you from doing all of the things you want to do in life. If not handled properly, debt can spiral out of control, and become even harder to pay off. However, there are a few steps that you can take that will help you to get your debt under control. By taking just a few measures, your financial situation will become less dire, and hopefully improve as time goes on.
Create A Budget
The first thing that you’ll want to do is create a budget for yourself. A budget is a great way to see how much you are earning each month, and how much you are spending. You can then track your expenses, and get a clearer picture on if you need to scale back in some areas. It’s hard to know how much you can afford to spend on debt payments each month if you don’t have the numbers in front of you, so take so time to either write up a monthly budget, or create one on your computer.
Cut Back Expenses
Now that you know what your financial situation looks like each month, it’s time to look for areas where you can cut back. Perhaps you can bring lunch to work instead of buying it, or carpool to work rather than drive yourself every day. Even if your change only saves you a few dollars, these small amounts can add up over time so they should not be overlooked. Look for any areas of your life that you can scale back in, and then apply those savings to your debt payments.
Bring In Some Extra Income
Besides reducing your expenses, if you can increase your earnings, you’ll have even more to spend on your debt payments. There are the traditional routes, such as getting a raise or taking on another part-time job, but these are not viable for everyone. There are some other options out there though if you need to make a little more money.
For instance, there are jobs you can do from home on your own schedule, or you can become an independent contractor and provide rides through companies like Uber or Lyft. There are also smaller things you can do, like hosting a garage sale. Here is a list of some great ways to make extra money, so see if there is anything you can do to bring in a few more dollars each month.
Learn About Debt Payment Strategies
If you want to pay off your debts more quickly, it is important to know some of the best strategies. There is more to paying off debt than simply making the minimum payment until the debt disappears. For those of you with multiple debts that need paying, you can consider getting a consolidation loan. With a consolidation loan, all of your smaller loans are combined into one large one, making it easier to manage the payments, and hopefully providing you with a lower interest rate.
There are other strategies as well, such as paying off the debts with the highest interest rates first. Learn about all of the possible strategies available to you, and then decide which one works best for your current situation.
File For Bankruptcy
When you’ve tried the above strategies, and you still can’t seem to get a handle on your debts, it may be time to consider a more drastic measure. Filing for bankruptcy will help you to pay off your debts on a more manageable timescale, but it will do lasting harm on your credit score. It is important to know what filing for bankruptcy does, and how it will impact your finances going forward. It is also important that you know the different types of bankruptcy, so that you can choose the one that is right for you. Bankruptcy is a large decision, so be sure to take your time before deciding this is the course of action you’d like to follow.
Don’t Let Your Debts Get To You
Trying to manage a mountain of debt is a stressful thing, but try to not let it get to you. Keep your spirits up, put together a plan of action, and then try to stick to it. Over time your debts will begin to shrink, and you’ll be on your way towards financial stability. It won’t happen over night, but if you keep at it, and continue making good decisions, eventually your debts will disappear.