Most Americans are in debt and most of them would love to pay off that debt in 2019, or at least pay down a good chunk of it, but aren’t quite sure how to accomplish that goal. The fact is there is no “best way” to get out of debt that works for everyone. There are suggestions, however, that seem to work well for most. So, when you see the signs that you’re in over your head and the bills are piling up, try following the suggestions below to help you whittle it down to a manageable level.
Consolidate the Small Stuff and Have One Payment
If you have a ton of small bills, it’s usually easier to apply for an installment loan to pay them off. For example, if your small bills total up to a little over $1,000 a month altogether, a personal installment loan payment could be considerably less. In addition, you’ll only have the one payment to worry about, instead of several monthly ones that are easy to forget. There are many online sites like westernshamrock.com that specialize in these types of loans for you to choose from.
Save at the Grocery Store
There is nothing like a trip to the grocery store to drain your bank account. From couponing to only buying items that are on sale and from buying generic to stockpiling and skipping one weekly trip to the grocery store, you can save quite a bit to put towards your debt. It is estimated that a family of four can save up to $2500 a year by living on the stockpile of groceries they have for one week out of the month. That is $2500 that you can put towards the mountain of debt that you have incurred and are trying to get out from under.
Start a Side Hustle or a Second Job
One of the most common ways that people pay down their debts is by starting a side hustle or picking up a second job and dedicating that income to paying down debt. The trick here is to make sure you do that and aren’t tempted to spend the money elsewhere. These don’t have to turn into something you do forever, once your debt is paid down, then you can start scaling back again.
Contact a Credit Counselor
Some people who are in debt, no matter how hard they try, can’t seem to whittle that debt down to a manageable level. In a case like this, it may be best for you to speak with a credit counselor about programs you can enroll in to manage your debt, whittle it down, or even pay it off completely in a reasonable amount of time.
These are just a few of the smart ways that you can start paying off the mountain of debt you owe in 2019. Remember, sticking to your guns and not overspending is key to a debt-free existence.