Get Out of Debt with This Comprehensive Plan

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We all want to get out of debt, and many who are faced with excessive amounts of debt don’t know how to stay organized or pay bills on time. Getting out of debt is possible when you have a comprehensive plan on hand. Here are the ways that you can get out of debt and get your life back on track.

Figure out what you owe to get out of debt

You never know how much you owe until you figure it all out. Take the time to figure out the exact amount of money you owe and who the companies are that you owe money to. If it’s a credit card or a car, make sure you get in writing how much money you need to pay off. It is best to always have an exact figure from the company in case they try to come back later and claim they weren’t paid in full. One app that helps with budgeting and understanding your financial situation is TrueBill.

Budget extra payments you can manage to get out of debt

Stay within your comfort zone and use reasoning skills to figure out how much money you can comfortably afford to pay towards your debts. Most companies, such as credit card companies, have a monthly bare minimum payment you need to meet. In these cases, negotiating the monthly payments is often out of the question.

Prioritize your debt repayment

Once you have a pretty good figure of how much money you can pay towards your debts, start sorting your debts by level of importance. Some debts have several months to be paid off and others need to be paid as soon as possible. Use the allotted money and sort how much you can pay each company and still keep your payments current.

Communicate with your creditors

It is imperative that you are able to work with the companies that you owe money to. If you feel that you are unable to pay what is asked of you, speak to the company and try to work out a payment plan. If you aren’t good at representing yourself or talking on the phone, consider asking for help from debt consolidation services.

Start tracking your bills, even those on auto pay

Always know when payments are coming up. Keep a calendar on hand or use online payments through your online banking system. Online banking is a great way to transfer money to companies without too much effort. Just set up online banking on your profile, select a date and enter the amount you need transferred to the company. By taking the necessary precautions, you won’t get into further debt or incur late fees.

Do not be late with your bills

Always pay companies you owe money to on time. Unless you are unemployed or have to wait for your employer to pay you, it is best to pay ahead of the due date. Most companies have a late fee attached that can really add up over the months.

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Get out of debt using the snowball effect

After you pay off one of your debts completely, take the money from that debt and use it for your remaining debts. If you are a visual person, you can even consider setting up a jar in which to keep excess money. It is imperative that you don’t neglect other debts or focus too much in one area.

Increase your revenue stream by working on the side

Even if you just get a temporary position or a side hustle that brings in a few extra hundred dollars for a few weeks, having a second job is a fast shot in the arm financially. If possible, get something permanent that will fit into your lifestyle and schedule and make it a part of your economic recovery. You can quickly pay off high-interest loans and credit cards, and then start building a nice nest-egg for yourself and/or family. Becoming an entrepreneur is worth putting in the extra hours in exchange for the enormous reduction in stress that you have to endure!

Side hustle ideas that pay

In the spirit of the financial rule to have more money coming in than going out, here are some side hustles that may just be the thing for you to help your budget to get you out of debt.


There are several websites available where you can pick up freelance writing jobs. (Such as Fiverr and Upwork) These sites will help protect you from scammers. Overtime, as your experience grows you can be bolder in asking for higher rates and more difficult jobs. The opportunities for financial growth are endless, and you can start writing your own blogs and books to bring in even more income.


You could start your own consulting business. If you are an expert in a specific topic, then this might be a wonderful opportunity for you. You can help others find the opportunities that are right for them. The most important skill is going to be networking. You will need to keep a good influx of new clients knocking on your office door. LinkedIn is a good place to begin networking professionally.


If you have the right type of home, you can dedicate part of it to a daycare. This can be a great way financially to be able to stay home with your kids in their younger years. You can even have your friends start as your first clients. This will be more expensive than you would think as you will need lots of permits and other paperwork before you can get started. However, once you’ve got the bureaucracy under control this can really be a good opportunity for you to start getting out of debt.


One simple way you can start bringing in more money is to become a reseller. This is great for people who enjoy collecting or bargain finding. You will need to build a good online store on EbayEtsyAmazon Fulfillment or another similar site.

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Additionally, you will need to spend a lot of time researching and learning the prices of items so you know when you go shopping that you will be able to make a reasonable profit on an item.


Selling other people’s products online is simplified with affiliate marketing. Rather than dealing with your own inventory, you sell other company’s products and earn a commission. Most affiliate programs are free to join and offer a vast variety of products to market. For more information, go to our Affiliate Programs Page.


If you have extra free time there are options such as DoorDash, or Instacart if you want to pick up some delivery work. Another option, especially if you have a car you want to use, is Lyft or Uber. While this is not going to work for yourself, but you can decide when and how much you want to work.

Are you ready to begin the process of finally getting out of debt?

Always have a solid plan to pay off what you owe and take control of your debts. By applying the tips from the above blog, you are on your way to living debt free. Never neglect your responsibilities and ask for help when you need it!


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