When you are struggling with debt it may seem like a hopeless situation. But if you can calm down and look at things objectively there are always things you can do to get it under control.
Here are five solid tips to help you get you some debt relief fast:
1. Don’t buy a house just rent for now.
Rent a place and get a roommate if you need a roommate. If you’re living in high-priced cities where the rent is pretty high it would be advisable to get a roommate because that way you split costs and it’s a little more affordable. So rent a house and don’t worry right now about buying a property there’s a lot of time in the future for that.
2. Start a side hustle (second job).
Side hustles are the backbone of getting out of debt quickly because they increase your income and this extra income can go a long way to pay off that debt so get a side hustle that you enjoy hopefully and get on it as soon as possible.
So if you like selling stuff on eBay try to start that type of business. Getting into different kinds of businesses both online and on the street or whatever just do what is necessary to get a side hustle going and increase your income because the more money you can make really quickly the faster you get out of debt.
3. Change jobs or ask for a raise.
This could be seen in two ways. You could actually keep your eye out for a new job that pays higher or negotiate with your boss to get a raise.
So this one depends on you and what your job is. I’m not saying you quit your job today and run out and just go find something else.
I’m saying do it progressively maybe within the next couple-maybe six months or eight months from now just look around and see if there’s a job that pays higher and then make the switch and go there.
Always remember the quicker you make your money the faster you get out of debt!
4. Refinance your debt.
The average student loan refinancing can save you about up to thirteen thousand dollars off of your loan that’s huge so if this is something that you can take advantage of you should do it.
You might want to check out LendEDU. They have a great way of helping Millennials, getting them to refinance their loans.
They don’t make a hard inquiry on your credit score so they don’t impact it negatively. They then bring all the results to you in one place so you can just pick and choose after you put your information in.
It’s a good deal so make sure you check that out.
5. Stop trying to keep up with your peers
Stop trying to be impressive towards your friends and peers don’t try to show off and try to fit in it doesn’t matter at this point you don’t need to prove to anybody that you’re successful by buying a new car or buying a new house or getting into more debt than you already have.
Just keep it simple focus on your debt getting it under control, the rest of that stuff will fall in line when the time is right!