Five Things You Can do Today For a Debt-Free Year!

As we approach the end of the year, it’s a good time to reflect. Did you achieve everything you set out to do, or are there things you could push for in the final few months? When it comes to your finances, taking action now could put you in the best position and hopefully even mean a debt-free year. Here are some ideas for going about it.

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Cut up credit cards

The first step to sorting out your debt is to stop spending money you don’t have. Most of us get trapped in a cycle where we pay off some of what we owe, but then spend right back onto them again. Cut up your credit cards and no longer see these as a way of accessing cash. You want every payment you make to reduce your debt.

Consolidate debt

Having lots of debts in different places can be confusing and expensive. You have to remember to pay each of these companies every month. And lots of different interest rates can mean that you’re paying over the odds. The best way to pay off debt fast is to consolidate! Consolidating is where you take out a loan or credit card that covers the amount of all your balances. Now everything you owe is in one place, this makes it much easier to manage. You can find companies that give you an interest free introduction period. Pay off as much as possible and it will be deducted right from the balance instead of being taken up by interest.

Speak to a debt charity

If you don’t have a great credit score, you might not be able to take out a loan or credit card big enough to cover all of your debts to consolidate. If you’re struggling keeping up with payments, then it’s well worth speaking to a debt company or charity. They will negotiate a reduced payment plan with your creditors, and can even have interest frozen making it much easier to pay off the balance. When debt is mounting, this is the best way to get things back under control.

debt free 2019

Sell things you don’t need

Most of us have items at home that we no longer need or use, selling them can help raise money to pay down debts. Old mobile phones, tablets and laptops can bring in good money. And there’s a market for antiques, jewellery, and clothes. Sell on places like eBay, at boot fares or Facebook marketplace. Any cash that you can raise from an item you don’t need can be paid towards debt.

Places to sell your old stuff

Earn extra cash

Finally, any other money you can earn on top of what you already get can go straight towards your debt. Pick up some extra shifts at your job. Start a side hustle, get paid for completing surveys or try mystery shopping. It’s hard work but will be so worth it once your money situation has improved.

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