If you’ve been burdened with debt for a long time, it is not surprising that you’d want to get fast debt relief. You want to be free from this burden. It is not just your finances that are tied. Even the quality of your lifestyle is compromised. Instead of being able to enjoy the things that you want, you have to give your money to your creditors. And it’s not just the money you owe that you have to pay back. You have to pay interest and other charges on top of that. It can really hinder you from reaching the full potential of your finances.
Of course, it’s not that easy to just pay it all off. Because the American consumer debt has risen to new heights.
According to statistics, the total number of consumer debt has risen to $14.15 trillion. It is now more than $1.5 trillion greater than the peak of the debt back when the Great Recession happened. Considering the fact that the economy is due for another recession, we are in a very vulnerable financial position.
That is just another reason why you need to get serious about getting fast debt relief.
How to get fast debt relief
It’s easy to say that you want to get out of debt fast. But it is not something that happens overnight. Things will not just fall into place because you want it to. You have to work hard to make it happen. The road to debt freedom is not easy. However, if you know your options and what you should do, then your steps will be done with conviction. You will feel in control of your situation – no matter how dire your finances may seem.
To have this control over getting fast debt relief, here are the things that you need to do.
Use the right debt solution
It all starts with the debt solution that you will use. You have a lot of debt relief options. While these are all effective, there is one option that fits your specific financial situation best. You need to find out what this is. To do that, you have to consider your payment capabilities and the type of debt that you owe. If you know you can pay more, choose debt consolidation. But if you can only afford a smaller monthly contribution, go for debt management or debt settlement. The latter is probably better because it focuses on giving you a debt reduction.
As you can see, different debt solutions bring varying journeys toward debt freedom. Some will help you get more savings. Others will make the process less stressful. While others will give fast debt relief. Choose the debt solution that will help you get out of debt the fastest based on your own financial situation.
Stop using credit
Even if you have chosen the best debt solution, if you do not stop using credit, you will never get fast debt relief. It’s like trying to empty a pail of water without closing the faucet. You need to deal with the source of debt before you can completely pay it off. Otherwise, your balance will just keep piling up. It will be exhausting for you.
If you really want to get debt relief, stop using debt. It will just be temporary. Once you have paid off everything, you can continue to use credit once more. This time, make sure that you know how to use it properly so it will no longer accumulate into a significant amount.
Pay more towards your debts
To get fast debt relief, you obviously, have to pay more towards it. The more you pay each month, the more of your debt that will be gone. You have to exert more effort to increase your debt payments.
One way to do that is to cut back on your spending. You can live a frugal life so you can put all your extra money towards your debt payments. This option will give you limited resources, but it is the immediate cash that you have. While you are doing this, you will also learn how to manage your finances properly. You will be more cautious about what you spend on. That is a great habit to develop because it will keep you from making financial mistakes in the future.
Another option to increase your debt payments is to earn more. Ask your employer for a raise. You’ll never know if they will say yes until you ask. You also have the option to get a side gig. What is great about having a side gig is that there will be no limit to how much you can grow your income. As long as you keep working, you will earn. This can also be continued long after you have paid off your debts. That will help you grow your personal net worth faster.
Why getting out of debt fast is beneficial
Going through the effort of finding fast debt relief brings a couple of benefits. To motivate you to do your search and compare options, here are three benefits to solving your debt situation quickly.
Keeps you from wasting money on interest
This is probably where a lot of people focus on. The interest can do a lot of damage to your finances. This is why it is ideal to get rid of the high-interest rate debts first. But it also helps to pay off your debt faster. The longer the repayment plan, the more you will pay on interest. That interest can build up over time. So try to get rid of it as quickly as you can. That payment is not something that you benefit from in any way. Don’t let it waste your hard-earned money.
Removes stress from your life
According to a survey, 73% of respondents cited their finances as a major cause of stress. You can bet that most of these people have debt.
Knowing you have a lot of debt can be very stressful. It will occupy your waking moments. It will make you anxious all the time. When you know you have debt, it is hard to enjoy your income. Whenever you want to buy something to reward your hard work, you feel guilty. Unless it is necessary for you to survive, you feel like you should not buy it.
You need to free yourself from this feeling by paying off debt as fast as you can. You will appreciate having less stress to worry about.
Allows you to work on other financial goals
Finally, getting fast debt relief can help you move forward to your other financial goals. Without your debts, you can now work on saving up for your goals. If you want to save up for a down payment of your house, you have the resources to do that now. There are so many possibilities that will open up once your debts are paid off. You can even go on that vacation that you’ve been putting off.
Overall, your life will improve greatly if you succeed in getting fast debt relief. So why not exert the effort to look for the debt solution that will get you there?