How To Get Out Of Debt: 13 Expert-Backed Steps For Success

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How to get out of debt? We reached out to several experts and got their best tips for how to get out of debt. Here’s what they had to say.

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1. Paying the minimum payment due on your debts will ensure you avoid late fees. But when it comes to getting rid of your debt completely, it’s important to pay more.

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2. “Setting up automatic payments ensures that you are at least paying the minimum balance each month.” - Tegan Phelps

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3. Carmen Perez, a personal finance advocate for Varo Bank, said one way to get ahead of your debt is by calling up your creditors and asking for a rate reduction.

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4. The thought of filing for bankruptcy might seem scary. And it’s definitely something you should only consider as a last resort since it can damage your credit for several years.

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5. You can only scrimp and save so much. In addition to cutting your spending, another way to pay your debt more aggressively is to earn more income.

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6. Once you have a basic budget in place, take a look at your discretionary spending (AKA your “wants”) and look for opportunities to cut unnecessary spending.

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FOR MORE ABOUT THIS POST, VISIT RADICAL FIRE

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