Here is some good advice I came across while “surfing the net”. As the above title states, these tips deal with getting out of debt. For many of you debt is your master so here is some good advice you can apply to save yourself from this tyrant.
1. First off, consider going on a “cash diet” for the next few months. Lock away some of those credit cards in a safe deposit box… or just cut them up altogether! By all means keep a low interest rate card for emergencies, but definitely rid yourself of any store cards. Why? Because they encourage you to buy junk you don’t need at exorbitant rates of interest!
2. If you’re having difficulties with any of your lenders, approach and deal with them personally. Not only will they appreciate your initiative, but will be far more responsive down the line if you’re having further repayment difficulties. The one thing that irritates them most is someone ducking and diving the problem.
3. If you think you can afford to pay off any of your loans in one go, approach your lender and offer a reduced final settlement of anything between 25 and 75%. Try and get the best deal. They can only say no, and might just say yes to get some money in.
4. Ask for a promotion at work. Believe it or not, it’s estimated that one in two people who actually do this get one.
5. Shop around to get the best deals on utilities like gas and electric… A home energy audit can help save hundreds of dollars a year on heating bills. Ask your supplier who may be able to this for free or at very low cost. Many countries now have websites where you can make sure you’re getting the best deal. Try doing a web search for “energy savings” plus your country.
6. If you have a spare room, why not consider renting it out for a while.
7. Check to see you’re paying the right amount of tax. You might possibly be due a refund. Every year governments rake in hundreds of millions in unclaimed tax.
8. Buy cheaper insurance and investments. Shop around for the best deal on all types of insurance, including life, home, health, travel and pet cover. This could save you thousands over the coming years!
9. Consider shopping more online. Online stores often give a discount as they don’t have the same overheads involved when selling offline. Search for those goods you want using a search engine or ask the retailers themselves if they have an online store.
10. Have a direct debit set up so that your debt payments leave your account the day your paycheck is paid in. That way, you’ll be less tempted to spend it. And when you do get out of debt, charge a direct debit to another account and pay in a regular monthly amount (as much as you can afford.) Call this your own personal wealth insurance. You’ll never regret it. By adopting the above strategies, the light at the end of the tunnel will start shining that little bit brighter. Instead of spending more than you earn, you’ll soon be earning more than you spend! Good luck!