How to Get Out of Deadly Debt

[Mika]

Debt is one of the major problems for a lot of people. Debt is the reason why a lot of people are struggling with personal finance. Here are a few methods that can help you get out of the deadly debt.

Avalanche method: In this method, you make a list of your debt and compare the interest rates. You start clearing your higher interest debt. Even when you have some spare money, you try to make advance repayment for higher interest debt.

Debt Consolidation: It is easier to track and pay one debt instead of multiple debts. When you do debt consolidation, you combine your all debts into one and they start repaying consolidated debt.

Proper Use of Credit Card: Use credit cards only when you can pay all credits within the payment deadline.

Control your spending: Without controlling your spending, you can never get out of debt. It is perfectly understandable that you want to enjoy life, however, what is the point of spending money on fun activities when you are not paying your debt?

 

[Augusta]

The method I will recommend amongst all the methods you have mentioned above is the last one what get one into deadly or heavy debt is spending when once one is able to restrict every spending then you'll be on a road to living above debt.

The thing is that debts don't just happen it is created by debtors if there's no creation of debt they can never be debts, so first reduce your spending draw up a budget and stick to it it is as simple as this try to stay away from impulsive buying, spending money unwisely leads to borrowing money from people and you will live debt filled life


Another avenue of living above bills or heavy debt is to live by your means when once you realise you're spending ability and spend within that capability you will not encounter debt so spend your money but spend it wisely to avoid getting into any form of debt..

 

[Jasmine]

I do not have debt. However, if I had debt, I would use the following strategies to pay off my debt and become debt free.
Pay high interest loan first: If I had 4 different loans, at 6 percent, 7 percent, 8 percent and 9 percent interest rate, I would star paying the loan that has 9 percent interest rate. If I don't have enough money to pay the higher interest loan, I would pay only minimum due for smaller interest loans and pay as much as I can for higher interest loan. Once my higher interest loan is paid off, I would focus on second highest interest loan.
Debt consolidation: If I was paying 6 percent, 7 percent, 8 percent and 9 percent interest rate on my 4 different loans, I would be paying 7.5 percent interest on average. If the loan I acquire for debt consolidation would be less than 7.5 percent, I would use this option.

 

[Shaf]

Why get into debt if you can do without it? Many people have developed bad spending habits that they end up borrowing to either pay for emergencies or they use the money for luxury.
If you have a perfectly working phone, there's no need going for a newer model unless it makes you money.

Another way to avoid getting into debt is to save. Most people can survive on 90% of what they earn. That 20% can be used to generate more money or it can serve as emergency savings.

If you find yourself in debt still, pay the debt with higher interest. Save some more money each month by reducing expenses. You can walk instead of taking the car, buy fairly used items instead of new ones and look for cheaper ways to do grocery shopping. If you can pay off the loan in 6 months instead of 12, you can then focus on others.

 

[Etini]

Nothing beats planning and budgeting. If you are a good planner and you draw up strategic budgets for your spending, you would almost live a debt-free life. People run into debts for very flimsy reasons and end up complicating their lives.

How can someone borrow to marry? In my place, people borrow just to organize lavish weddings and spend the rest of their lives paying that debt. The OP mentioned living within your means. I can't overemphasize this enough. Live within your means and you would be debt free. Live in a house that would take not

 

[Rubz]

The rate at which people get into debt these days is alarming. It's even more shocking that people go into debt ti take care of unnecessary issues. It could be something as petty as trying to major up to the lifestyle of one's friend. Anyways, if one is into a bad debt, one can get out through working harder. It's not going to be easy but good things don't come easily. One could work different part time jobs to earn extra cash. One could work online. Online jobs are often convenient and could be done at one's spare time.
Another way to get out of a bad debt is if a go fund me account is raised on your behalf, but it isn't a hundred percent reliable as one can't tell for sure if the public will come to one's rescue.

 

[Shigobad2020]

Debt has been a major problem most people have nowadays , and because of debt , most business has been shut down entirely because the person that got the loan has been unable to pay his or her debt , and there are many reason why people go into debt , some goes into debt because they are trying to sort out a family problem like children school fee , payment of house rent and other bills , some because they wanted to start a business and the money they have is not sufficient , and some goes into debt because they want to upgrade their business.
And some of the main ways in which you can get out of a deadly debt that keeps increasing is to get an extra job that will be giving you extra money to sort out your financial issue .
Another way is to crowd fund , goto friends and family to fund you .