Seven Tips for Getting Out of Debt Quickly

If you’re struggling under the weight of copious debt, finding a way to pay down that debt as fast as possible can feel overwhelming. But getting out of debt quickly is possible — even if you don’t have a high annual income — provided you approach the process strategically and with unyielding tenacity.

What can you do to turn your financial situation around? Here are seven tips for getting out of debt as quickly as possible. If you need to sell your house fast, contact We Buy Houses Lubbock.

1. Don’t Borrow Any More Money

Borrowing money got you into debt, so if you want to get yourself out of debt, it’s time to stop the cycle. Don’t take a personal loan. Stop swiping your credit cards. Stop incurring debt altogether.

Rather than using credit, use cash. If you want to pay off debt quickly, resolve to stick to cash-only payments (which means you can also use checks or your debit card) for everything. Even if debt consolidation sounds like a good idea at this point, it’s essentially trading one type of debt for another at a point when you likely still lack a thorough understanding of your financial situation and how to better control it.

Until you have a solid payback plan in place, it’s probably in your best interest to avoid transferring your existing debt balances into any other type of credit account.

2. Track Your Spending

Until you know exactly where your money is going, it’ll be tough to create a budget that’ll reduce your spending and allow you to pay off your existing debts quickly. Track all of your monthly bills and daily expenditures for at least one month (including what you’re currently paying on your debts) to find out just how much you typically spend.

To do this, you can write down your spending in a notebook or keep all of your receipts for the month and add up the numbers in one go. If you prefer something digital that’ll allow you to track spending on the go, there are several free money management and banking apps that’ll help you keep track of every dollar that leaves your bank account.

3. Create a Budget and Stick to It

Once you know where your money goes, you’re ready to build your budget. And once you’ve built it, you must stick to it. Tracking your spending will reveal areas where you’re spending too much and can make cuts that won’t impact your life negatively.

Find a balance that allows you to save enough to pay off debts quickly while still spending intelligently on things you enjoy. Ideally, you’ll want to put your budget in writing to solidify it since mental budgeting notes usually don’t stick.

4. Pay Off Debt With High Interest Rates First

Any debts that you have with exorbitantly high interest rates will only continue growing as the interest accumulates month after month. So work on paying extra toward those debts first while continuing to make smaller payments toward your lower-interest debts.

The faster you get rid of your high-interest debt, the less you’ll be shelling out in overall interest payments (which only cause your existing debt to grow) each month. Ultimately, paying down high-interest debts as fast as possible will leave you with more money to put toward your other debts over time.

5. Work a Second Job

If your income from your full-time job isn’t enough to pay off your debts fast, taking on a second job or setting up a side hustle may be in your best interest. Sure, working another job will cut into your personal time, but it will also give you the ability to pay down your debts much faster than you currently can.

6. Sell the Stuff You Don’t Use

Do you have tons of stuff lying around that you rarely or never use? Why not sell it and make some cash to put toward your debt? Not only will you reduce your overall debt balance by doing so, but you’ll also declutter your house, which can help reduce stress and improve your mental health. When you’re living with tons of debt, anything that can help lessen stress is well worth the effort.

7. Sell Your House Fast for Cash

If you’re between a rock and hard place with your debt — meaning you might be facing bankruptcy or foreclosure — selling your house can help you pay off what you owe quickly. But if you’re up against a wall, listing your home on the open market probably isn’t in your best interest. Why not? Because a traditional home sale can take weeks or even months to close.

Selling your house to a cash home buyer, on the other hand, can allow you to close the deal in just a few days and collect the cash you need to pay down your debts. Often, cash buyers can complete a home sale in less than a week, especially when you need to sell your house fast.

When you sell to a cash buyer, you don’t need to get a home inspection or pay for any necessary repairs your home may need. Instead, the buyer will personally assess the condition and value of your house and make you an offer for your as-is home. If you choose to accept, you’ll discuss a closing timeline and sign the necessary paperwork at a local title office.

The process is quick, simple, straightforward, and transparent because it’s designed to help distressed homeowners in their time of need.

Need to Sell Your Lubbock House Fast? We Buy Houses in Any Condition!

If you’re interested in selling your house for cash to get yourself out of debt, don’t hesitate to get in touch with our team at We Buy Houses Lubbock for more information! We can have a no-obligation offer in your hands within 24 hours of our initial conversation, and from there, we can close the deal in a matter of days.

To get started, give us a call today at 806-557-2220 or fill out our contact form to request a cash offer for your home, and we’ll be in touch right away.