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.
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.
Step 3: Take stock of your debts and decide on a repayment strategy
That starts by figuring out exactly how much you owe, what it’s costing you, and where each debt stands.
Step 4: Set up a debt reduction plan
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.