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How to Get Out of Debt

Getting out of debt is not easy. The process can be stressful, overwhelming and it may be tempting to ignore your debt altogether. Unfortunately, this only amplifies your problem. Luckily, there are many things you can do to be proactive and get out of debt.

Why should you seek debt relief?

Debt resolution is a concrete plan of action: it is a program which includes a detailed budget and monthly repayments leading to less stress and financial security in your life. It means no more high-interest charges and past-due bills.

What can I do to get out of debt?

  1. Follow a budget Generally, a budget is a detailed plan for your money. It allows you to organize your cash flow and make a spending plan. With a budget, you can spend your income with purpose by prioritizing bills, cost of groceries, rent, healthcare and childcare expenses. Budgeting can also help you stay on track with your debt relief goals – without limiting your freedom.

    What are some of the best ways to budget?
    • Automate your finances. Use automated transfers between your checking and savings accounts and set up auto pay for bills whenever possible.
    • Cut back your monthly spending by eliminating unnecessary expenses in order to save and pay off creditors sooner.
    • Set short-term and long-term savings goals – make them realistic to stay on track.
    • Track your progress – make sure you are sticking to your spending limit.
    • Use budgeting apps.
  2. Stop using credit cards To avoid adding on to your current debt, switch to using a debit card or cash. This can help you make thoughtful spending choices and reduce your likelihood of overspending.
  3. Find an alternative source of income Getting a second job or working part-time as a freelancer provides additional income to pay down your debts.
  4. Get expert help One of our Certified Debt Specialists can offer you a free consultation to discuss your options. At Simple Debt Solutions, we provide quality debt resolution services to help you get out of debt. While it is a difficult process, we are here to help you find a quick and affordable solution saving you both time and money.

    Reach out to us if:
    • You are only making minimum payments to your creditors.
    • You are on the verge of falling behind or have already fallen behind on your payments.
    • You have been carrying balances on your credit cards for a long period of time.
    • You have received collection letters from debt collectors.
    • You are stressed about the amount of debt you owe and see no foreseeable solution.

Get Your Free Debt Analysis

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