It can be quite stressful to be in debt. Anyone who is in debt will tell you that the circumstances leading up to their debt was obvious, but they refused to pay attention. If you took out a loan, you have the obligation and responsibility to repay the loan, even if your life situation has changed. You may have lost your job, gotten ill, injured in a car accident or had a child. With the expense that comes with these situations, your bills will sometimes take the back burner.

Life’s Situation

Many individuals will try on their own to get out of debt. However, when life’s circumstances puts them right back where they started, they will oftentimes give up. This doesn’t help the situation because the debt is still owed. It is possible to get out of debt fast and in a short timeframe, if you know how. Below are five simple ways to eliminate debt, which you can use in your own life, relieving the stress of carrying such a burden.

1. Stop Borrowing

You should make a conscientious decision to borrow money wisely or stop requesting loans that you cannot afford. If you are already carrying three types of loans, you don’t need to be adding more. If you go to the store, for example and the sales rep ask if you are interested in signing up for a new store card, be sure to say NO! It doesn’t matter if you are being offered 0% introductory interest rate. You want to focus on the debt you already have and establish a plan on how you will pay it off quickly.

2. Emergency Fund

It is important to start an emergency fund, which will be helpful when your life situation changes for the worse. Determine the amount that you will save. You want to have money ready in case there is an emergency instead of depending on your credit card as your primary source for funds. The emergency fund acts as a safeguard between you and your debt.

3. Practical Budget to Stick With

Develop a practical budget that you will be able to manage. In so doing, you will be able to track your expenses as well as your income, which is a critical part of managing your debt. You will be able to measure your progress as it relates to your finances and know how to move ahead with your financial goals. Maintaining and managing a practical budget will only serve to raise your surplus to pay on your debt. You could also think of getting a part time job to earn extra cash or moonlighting after work. Another way is to cut down on your expenses. If you dine out twice per month at a restaurant, cut it down to once per month or none at all.

4. Debt Organization

You need a plan on how to organize all of your debts. List the smallest debt and try to pay these off first. Or you could list the debts with the larger interest rate and try to pay those off those first. While you are paying on your debts, you are building momentum to tackle the larger ones when those are paid off. Once you stick with the plan of paying consistently, in no time, your larger debts will be paid in full.

5. Use Excess Cash Wisely

If you find yourself with extra cash, don’t go out and splurge on a new dress, use the money instead to pay down your debt. For example, if you filed your income tax return and got back a refund, use some of it to pay on your credit card debts. The same is true if you were to sell a vehicle, received an inheritance or won some money from the lottery.


You don’t have to keep your debts with you forever. Decide on a plan to pay them off. Start with one debt at a time and never give up, even when life’s circumstances get in the way.


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