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Being in debt sucks. It's a giant elephant on your back that can effect nearly all aspects of your life if you seemingly have no control over the bills that keep coming and piling up. It can be super stressful and make you feel defeated in your life, but there are so many people that have been through debt and worked their way out of it, and you can too.
1. Suck it up
Step one, suck it up! There is no easy way around what you will need to do to get out of debt short of winning the lottery. It will take time. You will need to sacrifice and work hard in order to get through to your last bill. Stop whining and comparing yourself to where other people are in life. Stop trying to keep up with everyone else to keep up with appearances. You don't have the time or the money to put on that charade especially as you will be the one suffering with the mounting bills. It is what it is, and this is where you are right now, and you CAN get yourself out of this mess. Think of it this way...would you rather stay miserable in debt, lying about your situation to yourself or others, paying interest forever, hiding out from creditors, feeling desperate for money all the time, or finish paying and move on to a life. Your choice.
2. Get rid of the monthly memberships
The golf club, the gym membership, the monthly meal boxes, Netflix, cable...these or other non-essential services are income you could be using to pay off your debt. Many of these add up to hundreds, if not thousands of dollars per year. There are so many FREE alternatives to these things, that won't leave you feeling disconnected from the planet. For instance, joining a free outdoor exercise group, borrowing new movies from you local library, binge watching at a friends house, creating your own cooking group, etc. Just because you cancel these things now, doesn't mean you can't eventually get them back, but these are things that are often holding back good progress you could be making each month towards getting out from your debt and may in fact, be adding more debt to you.
3. Sell everything
A lot of the stuff you have lying around your house or apartment is worth something to someone else. Sell these non essentials to give you some more savings or extra cash to pay off your debts. Even if it's just for a few groceries or the gas, it's still something.
4. Alternative Income
If you have some sort of skill like photography, or wood making, or you speak another language, or are great at math, start your own business or tutor. These are side jobs you can work in addition to the job you do have that can be cash cows. You get good enough at what you do, you can even turn it into your one and only job.
5. Downgrade
You may need to bite the bullet and move in with a parent or a roommate, ditch your huge house for an apartment, downgrade your phone plan, opt for a cheaper lawn service, opt for a cheaper car. It sucks, it really does to have to think in these terms, but they aren't permanent and may in fact help you in your future by putting you in a much better place financially the next time you want to upgrade.
6. Curb your spending; budget
Going out every weekend, eating out 5 times a week, buying that new purse or computer...are not good ideas right now. You cannot keep spending money you literally do not have. If you are in massive debt, that means, you do not have money because you're still trying to pay off the money you've already spent, meaning you're in the red, not the black. Sit down and write down all of your essential expenses. Those things that have to be paid or you don't eat, get kicked out, don't have medical insurance, type of expenses. Have an account set up where these things get paid automatically. Then add to that what needs to be paid monthly to pay at least a little bit more than the bare minimum on your debt. Ideally additional monies should go to a savings account or emergency contingency account, but if you MUST spend, know how much you realistically have left over and think long and hard about just spending it on non-essentials.
7. Put a lock on your cards
Place a spending limit on your credit/debit cards if you just feel like you cannot control yourself. When you reach your max per transaction/month, the card will automatically stop working and send you a notification. This can help you not rely on cards and spend less if you know there is a cap. Focus on not going over that cap each month/day by budgeting wisely.
8. DO NOT TAKE OUT MORE LOANS
OMG! What are you doing? Have debt, can barely pay, and then your solution is to take out more money to try and pay off one debt resulting in yet another debt with possible interest attached to it. Do NOT do pay day loans, or borrow money from anyone or any business that you simply cannot yesterday, today, or tomorrow afford to pay. Do not make empty promises to friends or family that you can pay them either because they might not be a creditor, but you can ruin a good friendship by never paying someone back when they helped you out.
9. Learn the art of the good sale
You should be in full on money saving mode. Why buy steaks at full price, when a few weeks later you can buy in bulk at a meat sale and stick them in the freezer? Get hooked up with every stores sales ads and coupons lists, and cut, print, save, take, and use these to help. Groceries and clothing and various other items you routinely use absorb a lot of your money, but there are ways to save and get discounts.
10. Educate yourself on debt slavery
It's one thing when you're in it, and another to really understand how creditors and companies and banks have helped you to become their willing slave. Start really reading up on and watching films about the truth behind these industries. There is nothing like getting good and pissed off and then figuring out a way for the rest of your life NOT to get back to being anybodies slave to debt! Read How to Get Out of Debt, Stay out of Debt and Live Prosperously by Jerrold Mundis or Your Money or Your Life by Dave Ramsey or follow Oprah's Debt Diet, and many many other books and articles, and films to inspire you to truly live debt free.
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