Get Out Of Debt
People are always searching for one pertinent question regarding their personal financial lives that is how to get out of debt? They always ask, what are the steps needed to get out of debt fast?
When I started my Career, Fortunately, I had not accumulated any college debt as my college fees were not that high but As most young people would do, I bought a new 10000$ Chevrolet car.
I immediately applied for a credit card too and got it within no time.
I bought an expensive watch and a high-end smartphone with my credit card.
So, suddenly I was having a Car loan of 7000$ and 1500$ credit card debt.
I managed to pay the EMI of my car loan regularly but was only paying Minimum Amount due on my credit card balances and that was my biggest mistake.
I realized my mistake when the amount was not getting lesser and I was accumulating debt as high-interest rate charges on credit cards.
I was confused and I was finding ways to clear my credit card debts quickly with my fixed income and recurring expenditure every month.
It was getting tougher and tougher to clear the whole amount due.
Soon I got an opportunity to start a side business with my job in place and I started earning some income from It.
The business was related to the clients I was meeting at my job only and so it was a good opportunity to encash for me.
Within 6 months I managed to clear off my credit card debts but my car loan is still pending and I have targeted to clear it by the mid of the next year.
Here I find a good video about getting out of debt:
So how you guys are taking steps in your debt journey?
Are You under debt? Which type of debt you have? Home Loan? Car loan? Student Loan?Credit card debt?
I hope you are taking some steps to clear of your loans.
Have you been working on a side Hustle?
Are You cutting off your unnecessary expenses?
Do you budget?
Do you Put off your time in some work from home jobs?
Do You Teach Children at your home?
So what exactly are you doing to clear your debts? Comment and share specific steps you are doing as It will help me and more of my readers.