Imagine a day without debt. No interest payments. No worries about the next bill. You put some money in the bank, and it stays there. If you need something, you have the financial flexibility to act.
It's entirely possible.
Even if you owe upwards to $100,000, you can pay it off. Debt freedom is liberating. The knowledge that you have the ability to borrow when you need to is not just freedom . . . it's empowerment. The key is to know your options. What is the best path to get there?
Take No Prisoners Attitude
The key is to know all your options. Once you know everything, including the things the banks don't want you knowing, you can make the choice that's best for you. Here is your plan of attack:
Perform a real audit: Take every single expense you have, and divide it into two piles: essentials and non-essentials.
Start by deducting from your monthly income your essentials. If total is positive, that's great! Refinancing your debt with a personal loan can only make that number greater. You can go to Compare First and see what options you have for a cheaper personal loan. If you want to decrease expenses, you can refinance your debt.
If the difference between income and essentials is negative, you have options. You can consolidate your debt, and stretch it out in smaller installments. You can also go to a debt repair consultant.
Set a Budget but Have fun! A budget is like diet, if you hold back a little, you will get the results you want. The challenge is debt fatigue, which is like raiding the fridge in the middle of the night. To avoid this, budget in a monthly fun day, or a shopping day. You will always have something to look forward to.
Compare First: You can take out a personal loan to pay off all your credit cards. Personal loans are, on average, 30% cheaper to service. They are also easier to get. You can pre-qualify in minutes, get approved in hours, and have the money by the end of the week. Use the money to pay off your credit cards and focus on just one bill per month.
Make sure you get the best deal. At compare first, we will give you a list of lenders you are already pre-qualified for. Find the best rate, the best terms, and minimize your costs.
Debt Settlement: Find a debt settlement firm, and a counselor can renegotiate the terms of your debt. You can receive partial forgiveness, gain the ability to make lesser payments over a longer payment period, or a combination of both to service the debt.
Draft Uncle Sam to Help. Pay off the debt that charges mainly interest in your current payments, then, once you "have" to start paying down principle, do so. Maximize payments that are tax deductible, and use the tax refund to pay off more debt.
Sell. Sell anything you can that isn't essential. Sell jewelry, books, clothes, even furniture. You can also decide to take on a roommate, or move in with a roommate. Sell all the stuff you won't be bringing, and save huge on less rent, and utilities.
Develop the right plan and you can get out of debt in no time.
- "It was easier than I expected. I got a few very good loan offers to refinance my debt and now I’m about to be debt free, and super happy about it." - Sophia, WA
- "Thanks CompareFirst! Everyone was super attentive and professional I helping me get my refinancing loan to pay off my debt faster. I’m really pleased with the process." - Ethan, MO
- "It only took 5 minutes to apply and then 2 days to get the money in the bank. I think it’s the easiest loan comparison site out there." - Emily, MN