- Ask for a better interest rate
- If you call your creditors you may be able to negotiate a better interest rate. Even if they take 0.5% or 1% off, you’ll be better off.
- Try and haggle
- You might even be able to negotiate debts. A creditor may be willing to accept less if there is a lump-sum payment on offer.
- Pay your debt first
- Pay your debts first. This way you won’t ever miss a payment.
- Use challenges
- Staying motivated can be difficult. Coming up with little challenges can keep up your motivations. For example, not buying any take-away for a month.
- Alternatives to gifts
- Gifts can cost a lot of money, and while you probably can’t get out of buying your niece a present, you can probably give your husband a massage voucher.
- Small goals
- It can take a long time to get debt free. Setting small goals for example, reducing your balance by $100 this month is a small but achievable goal.
- Don’t compare yourself to others
- Don’t compare yourself to others; compare yourself to who you were yesterday. Are you better than yesterday? Are you in less debt than yesterday? If you are, celebrate!
- Read success stories
- Reading other people’s success stories can help you stay motivated and give you great ideas on how to get out of debt.
- Stop digging
- This is the absolute first step towards getting out of debt. You need to stop accumulating debt.