The most simple way of paying your debts is to pay them – to sacrifice your current lifestyle in order to pay your debts. The process is fairly simple, as is the premise. However, many people feel that they cannot afford to simply put all of their money into paying their debts. Nor, do they feel that they can leave their debts paid.
The biggest problem people face with credit card debt
This is the problem that they cannot keep their debts paid. They will sacrifice a bit one week and pay off some debt. They will then find themselves very short of money and in urgent need, so they will spend the money that they have just paid off of their debts.
This is the problem that most people will face. They will pay money off of their debt and then have to use the money again, thereby putting them back into square one. There are two solutions to this, with the first one being that you take out a loan. You use the loan to pay off all of your debts. The problem is that people in debt cannot often get a loan, and so are stuck in the same position. The only other way is to try some of the tips below.
Work a better job with a bigger wage
This is obviously easier said than done, but you would be surprised at how few people even try to get a better job. A lot of people will just accept that this is the job that they have and they will do nothing to change it. You could at least look for another job to see if there is anything out there that you could use to pay off your debts.
Work more jobs than you have right now
You could start by simply getting another job on top of the job you are working right now. There is little stopping you from working more jobs and getting more money. If you have kids then it is going to be a problem, but it is not impossible. You may find that working multiple jobs is easier than you think.
Cut up your credit cards
In other words you should deny yourself access to the things that push you back into debt. Unless you have a standard fixed loan then there is a chance that you can spend the money that you pay off for your debts. You may be able to use your overdraft or credit card. You need to remove your ability to use these so that you cannot keep undermining your own debt paying efforts.
Save up an amount in a locked savings account
This is some sort of savings account where you cannot get at the money. There are a few schemes that you can apply for with different banks and companies. The clever ones are not even called savings accounts, but be wary of the risk of losing your savings.
Save up your money any way you can
If you have to start a mini-business and use the profits from that, then that is what you should do. If you need to put the money into buying gold, so that you cannot spend the money, then you should do that too. Figure out your own method of saving and do it that way.
It is often a case of finding a way of keeping the money from you, whilst maintaining your enthusiasm to keep putting money in there. You need some sort of motivator. You may find that watching the money pile up is a good motivator. You may find that if you start paying off the debt–that the reduced interest payments will become your motivator. Just do a little digging and find your way of saving.
Take a job that is just for paying debts
This is where you take a job (big or small) and dedicate all of the money you make towards paying off your debts. You could get the job doing anything, from delivering papers to milking cows. If it is a part time job then you may be able to fit it in with the rest of your daily activities.