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If you are like many people, you may carry thousands of dollars of debt.  That debt can cost you thousands more in interest every year, which is essentially wasted money.  Credit card debt, especially, can be costly to carry as the interest rate is often 12.99% to as high as 29.99% if you have not paid on time before and incurred a penalty fee.

If you have decided now is the time to get rid of the debt, there are several steps you can take:

  1. Decrease your expenses.  Look back on credit card statements and your checking account for the last 3 to 6 months to write down how much you spent and on what.  Develop a budget from this and then see if you can cut any expenses.  Sometimes cutting might be painful, such as eliminating cable even though you are a sports enthusiast, but other times the cutting is painless such as simply calling your credit card company and asking for a lower interest rate.
  2. Increase your income.  The easiest way to increase your income is to ask for a raise, but that isn’t always possible for every employee.  Instead, you could work overtime if it is available, or, if there are jobs in your field, you could also look for another job with higher pay or a greater opportunity for advancement.
  3. Create additional income streams.  Sure you could get a part-time job at a restaurant or a department store, but the hours aren’t that flexible and the jobs often pay minimum wage, which won’t help you kill your debt quickly.  Instead, consider creating a side job based on your skills.  Are you a teacher?  Why not become an online tutor?  Do you like to make crafts?  Open an online store.  You will need to set up a website and find a method to accept credit card payments.  (Companies offering merchant account solutions can help you with this.)  Instead of making minimum wage, you will be making double or triple that amount because of your expertise.  Apply all of the money to your debts.

If you are deeply in debt, it may take a year or more to get out of debt.  However, if you can cut your expenses and develop additional income streams that provide you a good source of income, you will get out of debt that much quicker.

Post by Melissa

41 Comments

  1. Carol says:

    Thanks this very great tips on how to be debt free. thanks!

  2. Giselle says:

    Hi.. A lot of people are into debt right now and I am willing to share this for them.. They need the information and tips here..

  3. cmichaelsny says:

    They are not qualities you hope to possess. These are traits that define you.Thanks for sharing..

  4. Pershy says:

    A lot of people are into debt right now and I am willing to share this for them.. They need the information and tips here..

  5. Lorraine says:

    They are not qualities you hope to possess. These are traits that define you.

  6. Benette says:

    You have a very informative post. Thanks for sharing I have learn a lot.

  7. Laura says:

    Sometimes cutting might be painful, such as eliminating cable even though you are a sports enthusiast, but other times the cutting is painless such as simply calling your credit card company and asking for a lower interest rate.

  8. Michael Davis says:

    Creating an extra source of income is very important. I, myself worked hard during my college period to help my parents, to drop the burden of loan soon. That worked. Now I enjoy quality vacations abroad with my beautiful wife.

  9. Claudia says:

    Without any doubt these are the tips of the year to get out of debt. Should be followed by anyone. Thanks for providing such useful tips.

  10. Nolan says:

    Friend your words are true indeed. There is a proverb that ‘Cut your coat according to your cloth’.

  11. Genevieve says:

    Thanks for the step you have share how to get out debt quicker. Awesome post.

  12. Jason says:

    This is no doubt a useful tip to get rid of debt easily. Today most of the people are in debt some or other reason. People should avoid using credit cards and decrease the expenses on unnecessary things. Little effort and hard work will make debt lesser.

  13. Laura says:

    The easiest way to increase your income is to ask for a raise, but that isn’t always possible for every employee.  Instead, you could work overtime if it is available, or, if there are jobs in your field, you could also look for another job with higher pay or a greater opportunity for advancement.

  14. Richard says:

    If you have unique skills, you can develop other income streams by freelancing. You can even take side projects to build up your income.

  15. Having a part time additional job etc will work but first we have to start by controlling our expenses.

  16. Peirce says:

    I will always take an advice from an expert like you. Thanks!

  17. One of the most effective ways on how to get out of your credit card debt is (your #1 tip in this post) to learn how to control your spending urges and spend only what you need and evaluate whether or not your wants are truly significant for you.

  18. jennifer says:

    Thanks for the great tips, I will always remember these things…

  19. tinafreysd says:

    Experts in several areas such as forensics, medicine, allied health, aviation and other fields are needed to help prove or disprove a case. Expert witnesses are usually paid well for their time and expertise.

  20. Edward says:

    There is not doubt that your tips are really helpful .. Lets hope i can get out of my dept …

  21. Ethen says:

    Interesting piece of advice. I was hoping for a little more information. The first advice is great because I really need to control my expenditure so by identifying where I spend most of my money will help me keep a tab on my spending. The second advice is also great and I am already doing overtime to earn extra cash to pay off my debt as soon as possible.

  22. Shane says:

    Great post, its nice to be here and learn something more with the experts idea…

  23. Mark says:

    Very interesting post. I have some book reviews about similar topics on my blog. Of course it is better not to get into debt than to have to worry about getting out of it!

  24. Thomas says:

    These are simple ways to control your expenditure and increase your income. Your can save a lot if you follow these techniques. What I have learned is that the best way to decrease expenditure is to prioritize what is important and what can wait and then spend accordingly. This way you will avoid spending money on unnecessary things and save some money.

  25. Florin says:

    With the economic status I’m currently in, I am in desperate need of new ways to make new income and reduce expenses

  26. Heidi19 says:

    This is a very informative post! and the information you provide is very refreshing and i really appreciate it. Thanks for sharing and keep up the good work!

  27. Harold Peters says:

    This is a nice post. I found the tips to be very useful. Thanks for sharing.

    -Harold

  28. Nelson says:

    Today most people are out of jobs due to recession but this is in no way putting a stop to the rise in the cost of commodities. Everything is becoming very expensive. Common people are suffering with massive debt. These are excellent techniques to clear off your debt. There is no shame in taking extra jobs that are below your standard to pay of your debt.


  29. Being in debt is a big tension for everybody. In today’s world, man cannot survive with single income, some alternative income has to be there, because the prices have touched the sky, the tax is increasing but increment in salary is negligible. You have provided perfect tips, People has to follow these tips to become debt free, thanks for sharing.

  30. David says:

    These are very good tips to pay off your debt as quickly as possible. Sure you will have to work real hard for some months but then your life will be much easy in the days to come by. Working extra hours and doing multiple jobs at the same time surely will help you in clearing of the debt real soon.

  31. David says:

    Today almost everyone is facing a financial setback. It is something which no one can do anything. Its very hard to stabilize yourself financially when there in no way to earn money. The market are still in a very sorry state. I have a business of my own so I cannot take extra jobs. So what I did was i let go some of my employees and now I am doing there work also to save money.

  32. click here says:

    If you could email me with any pointers on how you made this site look this cool , Id be thankful!

  33. James says:

    Well you really cannot go and ask your employer to give you a raise unless you show them results which are beneficial for the company. You have to perform better then others. You have to work hard and smart to earn money. Earning more money by doing extra job is also a good option. You can do some small job and get a little more cash which will really help you pay off your debt.

  34. David says:

    These are very interesting tips. It actually worked for me. I had take student loan to finish my education. So I was doing part time jobs to pay them off. I took extra work for weekends. I also did some freelancing work in my free time. By doing all this I managed to pay off a major chunk of my debt.

  35. James says:

    These are some of the best way to get out of debt quickly. Other then earning more money by doing overtime and taking extra work, one can try to cut down their unnecessary expenses. I have seen people who keep spending lavishly even when they are neck deep in debt. So that is one more important thing one can try to work on.

  36. Good piece of advice. The first advice is great because I really need to control my expenditure so by identifying where I spend most of my money will help me keep a tab on my spending. Alternative incomes has become mandatory to be debt free. Useful blog, thanks for sharing.

  37. Steve says:

    Due to Recession and inflation today most of the people are in debt some. People should avoid using credit cards and decrease the expenses on unnecessary things. Little effort and hard work will make debt lesser. Your tips are wonderful to become debt free, thanks for sharing.

  38. Paul says:

    Today having a debt is the biggest sin you can commit against yourself and your family. The financial conditions are so bleak that it is a wonder that how people are even surviving everyday. The salary we earn after working the whole day is just not enough. But what can a common man do but work like a slave and get rid of the debt.

  39. Thomas says:

    It has been ages now that I am trying to get rid of my debt. All these points are helpful but not really effective. All you will achieve from them is more stress and tension. You wont earn that much by working two shifts but you will definitely end up giving more to the doctor because you fell ill due to your hectic lifestyle. So it is better you take your time to finish your debt. Just make sure you don’t spend your cash unnecessarily and you will be fine.

  40. Wow..really nice article. I think you done great work. Thank you for sharing such a nice information.

  41. You’re so cool! I dont suppose Ive learn something like this before. So good to search out anyone with some original thoughts on this subject. thank you for sharing this.

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