Is it possible to get out of debt quickly?

Is it really possible to get out of debt quickly or will I be making interest payments on my debt when I’m old and gray?

Yes, it is possible to get out of debt quickly!
I want to be out of debt so I can travel the world!

Use these 3 methods and you’ll be on your way.

#1 The Snowball repayment method
#2 Bring in extra money
#3 Be ruthless!

These three methods will help you pay off debt, large or small, faster than you imagined possible.

#1 Pay off your debts using the Snowball method 
This is a method that Dave Ramsey teaches. It involves paying off your smallest debt first then rolling the previous payment (on that smallest debt) into the existing payment for your next largest debt.

This seems counterintuitive if your largest debt has the highest interest rate. But, paying off those small debts first gives a huge boost of encouragement & motivation and helps you to keep going. This is critical, especially if you have a lot of debt to pay off.

More on this to come…

#2 Bring in extra money
By getting a second job you can always bring in extra money, part-time or full-time. But I have a few ideas for bringing in money in new and unexpected ways.

Ideas on how you can bring in extra money coming soon…

#3 Be ruthless!
If you really want to get out of debt quickly, you will be ruthless when cutting your spending. Look at this as a challenge, not a form of deprivation. Remember, that once you are out of debt, your money will not be going to large debt payments and you will have the funds to spend on some things you’re cutting out now. But, for now, be ruthless.

I read the story of a recent college graduate who wanted to pay off his student loans very, very quickly. He was ruthless. He often skipped dinner and went to bed hungry. A few times he ate food that was bad and got sick. He even substituted Ensure for some of his meals.

Okay that is uber ruthless. That is NOT what I’m talking about.

What do I mean by ruthless? That’s next to come…

Got any ideas of your own for getting out of debt quickly?

 

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4 comments

  1. Selling items you no longer find useful can bring in a lot of extra cash! Sell items on eBay, craigslist or have a yard sale. If you have rewards points saved up on a credit card, take the cash option. Turn some of your talents into extra cash! If you sew, teach others to sew for money. Same with music lessons, painting, baking, cooking, decorating, cleaning & detailing the inside of a vehicle, or being a taxi service for others. Offer to car pool & charge those who ride with you. Rent a room inside your home that you’re not using to a college student.

    • Thanks so much Lori for all of your fabulous ideas! I love the idea of selling items on eBay but have never tried it. My biggest concern is the shipping cost for breakable items. Have you sold things on eBay and had a good experience? Love it when you comment! Thank you.

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