Young Couple trying to get out of debt

How to Get Out of Debt and Have Fun Doing It

Think that getting out of debt has to be drudgery?  Think again!

No matter if you’re 4 figures, 5 figures or even 6 figures in debt, just a few simple steps – applied ruthlessly – can get you out in a matter of time (and depending on how committed you are, you could be surprised at how fast you can get yourself out of debt, and it doesn’t even have to be a drag. Ready to get out of debt and have some fun?

But let me remind you this – debt isn’t fun either.  I mean – let me ask you this, and be honest…

Are you cringing and frantically checking caller ID every time your phone rings  because you don’t want to talk to another bill collector?

Can I just point out how much fun that isn’t?!

The truth of the matter is this.  Debt robs you of your choices in life. It’s something that weighs on you, even if “only” subconsciously.  And spending your energy trying to duck the people trying to collect while you wonder if you’ll find enough cash to avoid having your car repo’d stinks.

I know – because I’ve been there.

So here’s the scoop on how to get out of debt as quickly as possible – and have fun at the very same time.

How to Get Out of Debt While Still Having Fun

1. Stop getting in more debt!

Sounds obvious, right?  If you’re trying to get out of the hole you’re in, I tell ya, stop digging, for cryin’ out loud!

Stop using your credit cards.  If the temptation is too high, cut them up.  If you need them for emergencies, (and a haircut or the latest iPhone isn’t an emergency), take this tip from Dave Ramsey and stick them in a freezer bag of water so they’re frozen in the middle of a block of ice. Make it so that in order to use them, they take effort and time to get to.

But you’re wondering what you’ll do for unplanned expenses?  Glad you asked!

Find a way to build an emergency fund.  Set a goal to earn $1000 as quickly as possible and make sure you only use it for emergencies.  (Some people invest in a CD or other semi-accessible deposit product to make sure they can’t use it on a whim but can use it in an honest-to-God emergency.

2.   Contact your creditors to negotiate better repayment terms.

I love the story of America’s Family Financial Expert, Ellie Kay!  Using a wide variety of strategies, she was able to pay off over $40,000 in consumer debt in just 2-1/2 years. On a military income. While still following the principles of tithing 10%, saving 10% and using the remainder wisely.

She has some great calculators on her website including ones that help you know how lowering your interest rate and increasing your payments can dramatically increase your speed of becoming debt free!

3. Find a home-based business that works for you.

Increasing your income (and using it to pay off debt) is a great way to have fun and pay off debt quickly.  But working outside the home comes with a ton of extra costs.  Work clothes, day care, lunches out, fast food dinner, gas, and taxes all eat away at your income when you work outside the home.

What if I told you about a way to earn a part time or full time income from home?  Having a Home Based, or phone based business in my case, has made all of the difference for us financially.  In fact, I gave up my day job!

What ever route you decide to take, take it now!

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