Debt is destructive — but you already know that. You’ve already taken the initiative and have come here looking for ways to get out of debt. We make it extremely simple, and provide you with concrete, step-by-step plans to get out of debt.
If you’re extremely well-organized, and you think you’ll be able to balance several debts every single month, then read up on the traditional plan to get out of debt. That’s the method financial expert Dave Ramsey endorses.
However, if you want to get all of the paper-work consolidated so you’ll only have ONE debt to manage, then the rest of this page is for you. This is the path that I suggest to most people take, because it’s much more “automatic” than the traditional get out of debt plan.
A lot of people have made this page their home page in order to constantly remind themselves to stick to this plan. If that helps you out as well, feel free to bookmark this page or make it your home page, in order to follow the following steps:
1) Debt Consolidation Loan — This is the first step because it instantly makes your journey more efficient. Putting all of your debts into one debt allows you to have one target to hit.
2) Get an Emergency Fund — An emergency fund is simply essential to staying out of debt. You’ll be prepared for those pesky “emergencies” that end up causing credit card debt.
3) Stop the Bleeding – The debt consolidation loan gets you in the right path — but this is where the rubber hits the road. You have to stop whatever caused the debt in the first place.
4) Pay Off Debt — The above steps are all defensive — all about breaking even, and stopping the debt from growing. Now you kill it. Give up little luxuries — make more money — pay off the debt.
5) Don’t Give Up – Cheesy as it might sound, this is the step that most people fail to achieve. If you don’t give up, you will eventually succeed. It’s basic math.
Following these steps will help you get out of debt and get debt free once and for all. But it’s not going to be easy. Getting into debt is easier than getting out of debt.
Some people have suggested that getting a debt consolidation loan isn’t taking an active step against your debt. Dave Ramsey claims that it’s a waste of time. I completely disagree.
If you have 5-6 small or medium debts, you can have literally dozens of checks to mail every month, a hundred sheets of paper to shuffle through, and who knows how many headaches every day. More loans = more headache. One debt consolidation loan = one headache.
Getting a debt consolidation will NOT get you out of debt by itself. It just gets you pointed in the right direction. It helps streamline the journey, and help you know exactly what you’re supposed to do.
It’s time to take step one and consolidate your debt so you can move on with your life.
If you want to get out of debt, but aren't sure what your plan should be, then click here and read the debt consolidation plan.
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