Being in debt is no fun, but most Americans have some level of debt with a percentage being over their heads in debt. The good news is that no matter how in debt you are you can always work your way out with commitment, dedication, and by following these suggestions.
Tip 1. Pay Double the Minimum
When you get your credit card bill you have a minimum amount you must pay. You could owe 10,000 dollars and the minimum payment will be only 250 dollars. If you really want to get out of debt, reduce the amount you pay in interest, and pay off your debt fast then double the amount of the minimum.
You may be thinking that you are struggling to pay the 250 dollars per month, how could you possibly pay 500 dollars? There are several options. First, you could stop eating out. Only eat at home and only meals that are affordable.
Buy bread, deli meat, and cheese and survive on sandwiches. Or, make rice and eat that. Regardless of what you eat, you can save a ton of money and put it straight to your debt. It won't be fun, but it will help you out of debt. You could also turn off your cable, Internet, and cell phone.
This could easily save you 100 dollars or more per month. In the spare time you have when you aren't watching TV, surfing the web, or chatting on the phone, you could get a part time job. Doing this will certainly help you pay off your debt faster.
And, the good news is that when you are out of debt you will have some disposable income from the income that you were spending on your credit cards and now no longer have to!
Tip 2. Control Spending
If you truly want to get out of debt and stay out of debt then you have to change your habits. It is not easy to stop buying that daily cappuccino or not go buy a new outfit every weekend. However, if you want to be out of debt then you will have to make this sacrifice.
The same thing goes for not buying things you can't afford. You don't buy a plasma TV if you can't afford it. If you want a big ticket item then work overtime and then buy it outright. You will enjoy it more!
Tip 3. Don't Apply for Credit
It is hard not to apply for a credit card when a "pre-approved" offer arrives in the mail. Since you can't control yourself with these offers it is best to have your name taken off the pre-screened credit list. Doing this will help you not apply for new credit and focus on paying off your debt.
Pay Off Your Bills
Are you working full time and maybe even some overtime and still surrounded by unwanted bills? Or are you presently unemployed and the bills are stacking up? Maybe you are retired or disabled thereby money is tight. What ever your situation, bills can be demoralizing especially when you have more than the money to pay them.
Your friends and family might even make things worse by telling you to budget and cut back on expenses. "You should live within your means" they might say. Although that might help, it is only a short term solution to a long term problem. The bottom line is you need more money to pay off bills. How can you pay off bills without having to work 24 hours a day?
Have you ever thought of starting a little part time business at home to help you pay off bills? You could earn some substantial money working from home just an hour or a couple of hours a day. All you will need for this venture is access to a computer and an internet connection and I am betting you already have that. If not you most likely have a friend who could help or use the Internet at the local Library.
Did you know that you could be paid handsomely for promoting other companies products or services online? Big companies (small ones too) are looking for people like you and I to advertise there stuff to the public. You are paid for the actual leads or sales generated by you on a commission basis. Commissions range from 5% to 75% depending on the price and product or service. This is a win win situation for both the affiliate (you) and the merchant (the company).
Have I got you attention? I hope so. The potential here is enormous. You can make some serious money here and pay off bills. In fact it is possible to make a full time income as an Affiliate Marketer (your new title) and many even make $1000 per day doing this. They are called Super Affiliates and there are more of them than you can imagine. And the real irony is they are just regular people like you and I!
The whole idea here is to pay off bills working at home with your own business as an affiliate marketer. You will be your own boss and set your own schedule to fit around your present obligations. It will take some discipline on your part, but it is completely do-able. Once you pay off your bills you can continue and grow a solid income for your future. Your new found financial freedom will open exciting doors of opportunity. New ideas will come into your head and you will have the money to implement them.
I am going to end this article with a call to action. I dare you to be a Maverick. I double dare you to get out of the rut your are in. Become an affiliate marketer; pay your bills and then who knows? The sky is the limit!
Both Ajeet Khurana & Robert Hemken Jr are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Robert Hemken Jr has sinced written about articles on various topics from Internet Marketing, Marketing and SEO Articles. I'm being privately coached by an online multi-millionaire. Are you? . Robert Hemken Jr's top article generates over 165000 views. to your Favourites.
Companies Filing Bankruptcy 2009 Finally, if none of the above mentioned options are viable for you and you have used up all your resources, you may choose to file for bankruptcy as the only way out