Getting Fast Debt Relief in 5 Steps
That’s especially true if you are living paycheck-to-paycheck or dealing with other debts simultaneously.
Carrying balances on multiple credit cards is stressful and expensive, and paying them off quickly can be a challenge.
But it is possible to get debt relief even with those challenges.
This 5 Step guide can help you develop a plan to pay off your debt or identify the best debt relief option when a traditional payoff plan just won’t cut it.
Step 1: Stop making it difficult to get relief
The only way to get out of
credit card debt
is to stop creating new debt while paying off what you owe.
It’s the adage of taking two steps forward and three steps back.
This means you need a budget that covers all your expenses and builds in emergency savings.
Step 2: Create an optimized budget
A budget is essential in your quest to get out of debt, no matter which debt relief option you end up using.
Savings should be a line item in your budget. Ideally, you want to save 5-10% of your monthly take-home income.
If you can’t make that target, see what you can cut to reach it.
Step 3: Take stock of your debts and decide on a strategy
That starts by figuring out exactly how much you owe, what it’s costing you, and where each debt stands.
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