10 tips you need to get out of debt!

Having debts can be depressing and sometimes it feels like they will never go away but this isn’t true. Here are 10 tips to get rid of your debts as fast as possible:

Stop using your credit card: if you’re already in debt don’t create more debt by using your credit card

1. Use your bonus points: instead of using your credit card bonus points to purchase more items use them to pay off any credit card debt you may have. If the points are in a different bank than the debts take advantage of the cash back option and use the cash to pay off the debt in the other bank.
2. Use the balance transfer feature in your bank: some banks will allow you to transfer the balance of your card from one bank to another which is useful if the bank you are transferring the balance to has a lower interest rate than the first bank. Some banks will even offer you a discounted interest rate for a certain period of time. 
3. Pay back as much as you can as fast as you can: if you have extra cash on hand (more than the minimum payment) use it to pay back your debt immediately as this will decrease next month’s payment.
4. Prioritize your debts: arrange your debts from lowest to highest and start paying off the smaller debts first. If possible pay off the smaller debts completely in one go while paying the minimum due amount for the larger debts.
5. Stop using your credit card: if you’re already in debt don’t create more debt by using your credit card. 
6. Set a budget for yourself: set a budget and stick to it. Don’t go over budget and any extra cash you manage to save can go towards paying off your debts. 
7. Work overtime: some companies offer overtime benefits to their employees. If this option is available to you take it and use the extra cash to pay your debts.
8. Get a second job: use any free time you may have to work a second/supplementary job. This can be any job available to you including online jobs or work from home jobs. The extra cash goes to paying off your debt of course.
9. Use your saving account’s interest: this step requires you to have an existing saving account (for emergency use of course). The interest generated by this saving account can be used towards paying off your debts. This way you won’t use your emergency funds but still be able to pay your debt.
10. Get rid of/stop any expensive hobbies: this covers anything you don’t need but that costs you money. It needs to go! This can include eating out, the gym membership you never use, smoking, unnecessary traveling (local ad abroad), etc. until you are debt free.

Your priority is to pay off your debts. Once your debts are cleared you can celebrate to your heart’s content.