Did you know that the average household debt for most Americans in 2022 is over $97,000 owed?
That’s a lot of debt. When you’re in debt, you can feel overwhelmed, and like there’s nowhere you can turn for help. Luckily, there are quite a few ways to get out of debt, some of them faster than others.
If you own a home, you can go to Google and type in “We buy houses,” which will lead you to some concrete ways to get out from under that mountain of debt as well. However, there are other ways you can curb your spending and get out of debt as well.
This blog will talk about a few different ways to get out of debt, from selling a house to re-examining your budget and more.
Sell Your House
While this isn’t the option most of us would go with, if you’re in a bind and need money fast, go to Google and type in “Sell my house” for a list of places that’ll be willing to buy your home.
Some companies even buy the house as is, and you’ll have the money you need in your account within a very short time. There are quite a few benefits to selling your house for cash, including getting out from under the mountain of debt you find yourself in.
Re-Examine Your Budget
There are things you can do, especially before the foreclosure process starts on your home, to help you get out of debt. You can start by re-examining your budget.
As you already know, there are two ways to pay for debt quickly. Those ways are to earn more money or spend less of your money. While it might not be practical or feasible for you to pick up a part-time job to earn more money, it is possible to re-examine and adjust your budget.
The biggest thing to do when re-examining your budget is to make a list of wants vs. needs. The items you need go at the top of the list, and the things you want but don’t have to have will go at the bottom of the list.
For example, you need your car to get back and forth to work. However, you don’t need that cup of coffee from Starbucks you buy in the mornings and in the afternoon on the way home. Getting your budget in check will go a long way towards getting out of debt faster.
Refinance Your Debt
Another way to get out of debt if you’re not considering selling a house is to refinance your debt completely. You can refinance your mortgage, student loans, personal loans, car loans, etc. There are a couple of different ways to go about this. You can get a debt consolidation loan or if your problem is credit card payoffs, transfer your balances to a balance transfer card instead.
This should get you a 0% APR and help you begin the road to recovering from the debt you’ve fallen into. It’s important to note at this point that falling into debt is nothing to be ashamed of unless you’re just foolish with your money.
Homeowners fall into debt for a variety of reasons, from sudden medical expenses to job loss. The best thing you can do is pick yourself up, dust yourself off, and try one of the tips above and below to get yourself back on the right track. Refinancing your debt is a viable option if you’re ready to do just that.
Negotiate Lower Bills
In many cases, the money you owe on bills is the money you’re stuck owing, but there are times when you can negotiate for lower bills as well. You might be surprised at how much money you can save on some of your monthly services.
For example, you can usually negotiate a lower cable and internet bill if you call and talk to the provider. In fact, there are apps out there that can help you determine which of your services you should be able to negotiate for different bills you can use.
Take the money you save on those services and apply it to your debt for the best results.
Hold Yourself Accountable
You’re never going to be able to get out of debt if you’re unable to hold yourself accountable for being in debt to start with. Getting out of debt isn’t easy.
You’re going to have to tell your friends you can’t go out to eat or for a night out on the town so that you can put that money towards whittling away your debt. Try to get a friend, neighbor, or family member to help you be accountable for paying off that debt. Just make sure they’re accountable themselves as well.
Tell the Kids You’re on a Budget
When it comes to being accountable and trying to get out of debt, you’re going to want to explain what’s going on to your kids as well. Kids can be harder on your budget than telling your friends no to a night on the town can be.
Explain to your kids that you’re on a budget and be honest about why. Don’t be afraid to tell them no about things that they don’t have to have until your debt is cleared and you’re breathing freely once again.
Not only will this help you get out of debt, but it’s also a chance to teach your kids some financial responsibility as well.
Settle for Less than You Owe
One of the best options for getting out of debt is calling your debtors and negotiating a settlement. In most cases, this cash settlement will be much less than what you owe for the bill.
While this is something you can take care of yourself, there are third-party companies you can go through as well who will make the arrangements for you.
However, there are also some risks to going through a third-party company since some of them will want you to stop paying on the debt until things are settled, which can negatively affect your credit score even more if it’s already bad.
How Does Debt Negatively Affect Your Life?
Now that you know a few ways you can get out of debt, you might be wondering how debt negatively affects your life. So we’ll talk a little about that now.
First, if you have a ton of debt, then it’s going to affect your credit score negatively. This means you won’t be able to get loans, buy a new car, or even buy a home when you’re ready.
In today’s world, many landlords even check credit before renting to tenants, and in some states, you can’t get car insurance with good credit as well.
On top of that, if you’re in the military, law enforcement, or several other careers, prospective employers might want to do a credit check before they offer you employment. These are only a few of the ways that being in debt can affect your life in a negative way.
That’s not to mention the mental and emotional stress that comes from having bill collectors call your phone every day. But, if you’re in debt, then the tips above can certainly help you get it under control.
However, if you’re wanting to get out of debt fast, then selling your home could be the best option for you.
We Buy Houses
As stated at the beginning of this blog, there are companies out there that will help you sell a house fast. However, some companies will buy the house from you as is, so you don’t have anything to do but collect your money and pay off those outstanding debts.
If you’re looking to sell your house fast, simply go to Google and do some research on the companies who buy houses for cash as-is and will be willing to help you get out of debt in the fastest way possible. It could be the best way to get yourself out of debt and have the peace of mind you’ve been craving for quite some time now.
Can I Sell My House Fast?
Now that you know what it takes to get out of debt by reading the blog above, you might have decided to sell your home instead. Luckily, we buy houses and are interested homebuyers.
If you’re looking to sell your home, whether it’s to get out of debt or just to start a new life, contact us for more information today. We’re here to help in any way we can.