Your 5 Step Guide To Getting Debt Relief Fast

Carrying balances on multiple credit cards is stressful and expensive, and paying them off quickly can be a challenge.

This 5 Step guide can help you develop a plan to pay off your debt or identify the best debt relief option when a traditional payoff plan just won’t cut it. 

Step 1: Stop making it so difficult to get debt relief

Before we get into how to set up the right plan to get out of debt, we need to touch on one of the biggest mistakes people make when they need debt relief— they keep spending on credit cards while trying to pay them off.

Step 2: Create a budget that’s optimized for getting out of debt

A budget is essential in your quest to get out of debt, no matter which debt relief option you end up using. You need to get a budget in place—written out and not just in your head.

Now it’s time to get down to the nitty-gritty of obtaining debt relief. That starts by figuring out exactly how much you owe, what it’s costing you, and where each debt stands.

Step 3: Take stock of your debts and decide on a repayment strategy

If you owe less than $5,000 total, then you may be able to get out of debt on your own just by making payments strategically. There are two schools of thought for which debts to pay first: 1. Avalanche 2. Snowball

Step 4: Set up a debt reduction plan

If you owe more than $5,000 total or you don’t have much cash on hand for paying off debt, then the strategies above won’t get you the results you want in the time you want. Instead, you need to find a debt relief option that will fit your needs, credit, and budget.

Step 5: Explore options for debt relief

The first two solutions are do-it-yourself debt relief options. The second two are debt relief programs that you set up with professional help. - Credit card balance transfer - Debt consolidation loans - Credit counseling and debt management plan - Debt settlement

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