Posted on: December 4, 2019 Posted by: Allene Lewis Comments: 0

No matter what debt you are saddled with, whether you’re carrying credit card debt, medical debt, or student loans, you should seek to free yourself of it in the fastest and most effective way possible. Clearing your name of such strife is essential if you want to be able to enjoy true comfort and security when it comes to your finances.

Fortunately, advice on that very matter can be found below.

Here are four things you must do to fight debt and free yourself of it.

Pay more than the minimum payment

Making the minimum payment on your credit card each month won’t impact your credit score, but it will elongate the all-important task of clearing your credit card debt for good. Paying no more than the minimum threshold will constantly add more and more interest on top of your credit card, meaning you’ll end up spending money in this instance just for the sake of spending it.

Quite simply, it is essential that you pay more than the minimum payment that you are faced with each month. Alongside saving money on interest rates and paying off your debts sooner, the benefits of doing so include:

  • An increase in your chances of qualifying for a mortgage
  • An increase in your available credit
  • A decrease in your credit utilization

Hire a lawyer to resolve your debt

Sometimes, the collectors and creditors that you are in debt with will attempt to bend the rules in their favor in an attempt to get even more money out of you. If you aren’t trained to spot this type of ill-mannered yet all-too-common behavior, you probably won’t even notice that you are being victimized in this fashion. It is for this reason why you should hire a lawyer to help you fight and resolve your debt problems.

With a consumer defense professional working alongside you and acting as your advocate, you will be able to level the playing field and ultimately stand a far better chance of achieving the positive debt-relief outcome that you deserve. For more information about debt lawsuit protection and the specific assistance that Chantel Grant, managing partner at GM Law Firm, can offer you, be sure to check out GlobeNewswire.

Pick up a side hustle

You might not want to spend your free time working, but picking up a side hustle is something you’re seriously going to have to consider doing if you really want to free yourself of debt.

There are plenty of ways for you to earn a bit of extra cash on the side, and the job that you pick up in this instance need not be all that difficult or stressful. If you have a particular skill or even passion that can be monetized, why not put it to good use by getting yourself a part-time job in that field? If you have a particular proclivity for gardening, for example, why not take up a little job mowing lawns for people in your local area? Or if you’re good with kids, why not take up babysitting?

The point is, there will always be a side hustle out there that is perfectly suited to your skills, passion, and time schedule.

Create a bare-bones budget

A bare-bones budget is not something that needs an awful lot of explaining. It is a stripped-down financial plan that sees you only ever spend money on necessities. You have to avoid spending unnecessary money on items that you simply do not need. This type of aggressive savings scheme should, with any luck, see your curb your spending and ultimately leave you with a lot more money left over at the end of each month. What you should then do with this money is use it to clear your name of all the debts you are carrying with you.

To create a bare-bones budget, you must be able to differentiate between essential and non-essential expenses.

Essentials include:

  • Housing
  • Utilities
  • Gas
  • Food
  • Family expenses (child support, daycare, school tuition, etc.)
  • Personal care (prescribed medications, toiletries, haircuts, etc.)
  • And, of course, your debt repayment

Non-essentials include:

  • Entertainment spending
  • Clothes that you wear in your free time (not work clothes)
  • Restaurant meals
  • Hobby spending

Once you know what you can and cannot be spending in this instance, then you’ll find it a lot easier to create a bare-bones budget for yourself. If you’re to rid yourself of debt, you will need to make some essential changes here and there.

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