1. Know how much you owe.
The first thing to do is to make a list of all of your debts, so you can get an exact idea of how much you must pay off.
When listing down your debts, be sure to include the creditor, the total amount, the monthly payment and interest rate, and the due date.
You can confirm what debts you might be dealing with by referring to your credit report. Making a list that breaks down your debt is a good first step to tackling it. Keeping a list helps keep you aware and accountable.
You can also try to figure out how to calculate your Debt to Income Ratio (DTI). It’s a good way to keep track of how much of your income is going toward paying off your debts fast.
Just divide your debt payments by your income, and multiply by 100:
Ex. $1000 of monthly debt divided by $2000 of monthly income is 0.5 x 100 = 50%.
2. Make sure to pay your bills on time.
It sounds too easy. After all, having a difficult time paying off your bills might have been what got you in debt in the first place, right?
It can be hard not to be overwhelmed by both your monthly debt payments and monthly bills. But late payments make it harder to pay your debts fast. In Oceanside, missing two or more payments in a row can lead to increased interest rates and charges. It might be difficult, but paying off your monthly bills regularly is a good way to get a handle on your debt.
You can work with a monthly bill payment calendar to help you keep track, and begin by making at least minimum payments.
3. Decide which of your debts to pay off first.
4. Invest in an emergency back-up fund.
5. Learn to admit that you might need help.
Remember: you’re not alone.
There are a number of reasons why you might currently be facing debt, and a lot of them are beyond your control. As you move forward and try to recover from your debt, be sure to take steps to protect yourself and your loved ones in the future.
Look into possible options available to you, and do your best to make an informed decision for your financial future.
Need more info?
One way to get out of debt fast could be to sell your property to a cash home buyer in Oceanside.
You might owe more than the appraised value of your property, but you would be able to square away a significant portion of your debt from the sale made on your property.
Selling to a professional cash home buyer in Oceanside ensures a quick and stress-free transaction, as most legitimate home buyers prefer to work with cash and are willing to accept the property in any condition. We buy houses in Oceanside, CA to guarantee quick turnaround for our clients.