Got into debt, how to get out of it.

It would probably be easier to explain how to get in to debt then get out of it. In fact it would not take that long, spend more than you make and you will get in to debt. Easy really but the thing is that in the world we live today debt is a way of life to live without it is almost impossible.

But if you do want to live debt free then you have to take two plans of action. The first is as easy as the get in to debt plan. And if you are determined then you can do this. I know that it is easily possible as well. 

You cut your spending down to as little as possible. Just the basic essentials food, rent or mortgage payment, other bills. Just spend on what you need to live. Then with the rest of your time go out to work. If you have a full time job get two part time jobs. You can work sixty to seventy hours a week if you try. It is less than half your week. And it also takes your mind of the fact that you cannot go out. Every penny that you make you save and then in about two years of living like this you will be close to clearing your debts.

Of course this is not that good if you are the only person who thinks it is a good plan, say if you are married or in a relationship with children. Then as plans go it will be hard to follow and you probably will end up out of a relationship and having to sell all your assets to pay the lawyers. But if you want you can come to some kind of compromise of getting extra money in and settling debts as soon as possible. But it will take longer.

The other way to do it is look at what you have and restructuring your debts. Say if you have a house that you have a mortgage on. You could down size your house and buy a cheaper one. Or if your house is worth more money than you paid for it move to a different area. An area where you can get the same house for less money.

The other way is to plan a budget and stick to it. Work out you most costly debts, normally the credit card as they charge the most in interest. And pay it off as soon as you can. Then move on to another debt and clear that and so on till you have tackled all your debt.

However you decide to tackle the problem you can be sure of one thing. It is harder to get out of debt than it is to get in to debt. So think real hard before you sign on the dotted line. It is grate to have all the things you need right now and pay latter but there is a price. Five present might not sound that much but when you sit down and work it out it adds up to a considerable sum. So if you can save and then get it, it will save you money in the long run.