Get Debt Under Control and Start to Enjoy Life

Debt can be a real strain on your life. It can constantly play on your mind, causing worry and stress. Being in debt can be really debilitating. However, through careful planning, researching the best mortgage rates and financial prudence you can get debt free and start living your life again. 

If you’ve got a big debt, it can seem like the end of the world. When you owe a lot of money it seems as though you’re never going to be able to pay it all back. However, when you break it down, often things don’t look quite as bad as they seem. It’s important to remember that you don’t have to pay your debts off all at once. Although it helps if you can pay a debt back quicker to minimise the accumulation of interest, what is really important is making consistent repayments, even if they’re small at first.

The most important thing you need to do when trying to get debt free is to make a budget. The first part of making a budget is sitting down and working out exactly how much you owe. This will let you know how much you need to pay back and how much you need to cut back on your living costs.

When making a budget, you need to include the regular, monthly payments you’re going to make towards paying off your debt. Sometimes these can be covered by small cutbacks on your lifestyle, such as cutting down on nights out, however, if you owe a lot of money then more drastic measures may be required.

One of the best ways to save money is getting rid of your car, it may seem extreme, but, unless you really need it for work, life without a car is much cheaper. Not only will you get a sizeable chunk of money from selling it, you’ll also save on fuel and maintenance costs. Although it can be a bit of a hassle, for the most part, a bike and public transport should be able to get you from A to B.

A lot of the time, it’s credit cards that get people into debt. They make you feel like you’ve got more money than you actually have and make overspending easy. If you’ve got debts, it’s vital not to add to them so you might want to think about switching from you your traditional credit card to a prepaid one. Prepaid credit cards only let you spend what you put on, making it easier to stick to your budget.

One way you may be able to make big savings is by re-mortgaging your property. You can switch mortgages if you’ve come to the end of your contract with your current lender. If you shop around you may be able to find a better deal. You may even find that your current lender can offer you a better deal than they currently do. The easiest way to check for the best mortgage rates is to use comparison sites, which can show the market in a few seconds.

When trying to get debt free, it’s important to stay positive. Although some steps you make towards paying off your debt may seem small, they are vital helping you one your way to getting debt free.

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3 comments

  1. Derek Olsen says:

    Love the part about getting rid of your car. My wife and I went without a car for six months. It was a strange feeling of freedom to not have a car. Then we got one, and later two. We saved up and paid cash and because of that we will never have a car payment. A car payment is on of the worst things you can do to yourself financially.

    Get rid of your car for a year. It won’t kill you. You might end up enjoying it and when you get another car you will appreciate it more.

    -Derek

  2. Suzan says:

    I, like Derek, really like what you said about getting rid of your car. I recently did this myself to cut back on spending so I could pay off debt, and I’m not looking back. It can feel like you have less freedom but it is also liberating at the same time. No more paying for gas, car repairs and maintenance, insurance, or car payments.

    I would like to add that now is the time to refinance! Rates are record low.

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