• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • ABOUT

The Fortunate Investor

Investing, Business, Saving, Debt, Money, Retirement, Taxes and Family Finances

  • Business
  • Invest Your Money
  • Save Money
  • Get Out of Debt
  • Make Money
  • Family & Money
  • Taxes
  • Retirement
    • Retirement Calculator
Home » How to Get Out of Debt Quickly: 10 Ways Anyone Can Create Financial Resilience

How to Get Out of Debt Quickly: 10 Ways Anyone Can Create Financial Resilience

April 13, 2023 By The Saving Gal | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

How to Get Out of Debt Quickly 10 Ways Anyone Can Create Financial ResilienceDo you want to get out of debt quickly? You don’t need a lot of money to do it. This article will discuss some ways that you can create financial resilience. Hence, you never have to worry about credit card bills again – even if you are a one-income household.

Reduce your credit cards

Debt is often a result of too many credit cards. If you can’t pay off the entire balance on your monthly statement, it’s time to get rid of some cards.

Seek debt relief

If you have unmanageable debt, it’s time to seek help. If you don’t have a stable income but many bills, this is not easy. Also, debt settlement is an excellent option for you since it can reduce monthly payments.

Don’t take any more debt

It’s so tempting to use a credit card for every purchase. However, it will lead to more debt, no matter how little.

Generate more income streams

Sometimes, the struggle to make ends meet is due to a lack of income rather than an excess of expenses. If you’re struggling financially but have much room in your budget for extra work, look at ways to generate additional income streams. You may do this through freelance marketing or consulting on weekends or by holding events to sell your homemade crafts at night.

Live on a budget for the time being

If you don’t have a lot of money to spend, it’s time to get used to living on a budget. Fortunately, it doesn’t mean you can’t have treats – only make sure they’re planned for ahead of time and not impulse purchases.

Don’t be overwhelmed by your payments

Focus on paying off one account each month, and you’ll get out of debt quickly – even if it means you pay some bills late. Consolidate your debt if you have more than one credit card and are having trouble making ends meet, consolidating them into one low-interest card might be an ideal solution. You will also want to make sure that this is a personal loan or line of credit rather than a credit card.

Don’t buy something you can’t afford

If it’s not a life-saving purchase, then don’t do it. It could be an impulse buy or just the latest version of your favorite gadget. Either way, this is one golden rule to live by when trying to create financial resilience.

Talk with your creditors and ask for lower interest rates

It may be worth talking with creditors and asking for lower interest rates, especially if it is your first time. Most of the time, you can avoid debt with better money management skills. 

Final Thoughts

In conclusion, debt is never a good thing, and if you are struggling to get out of it, there are many options available. By following the advice in this article, anyone can create financial resilience for themselves, so they don’t have to worry about credit card bills again – even if you have limited cash flow at the moment.

Primary Sidebar

Popular Articles

Five Marketing And Advertising Updates To Make In Your Business This Year

Five Marketing And Advertising Updates To Make In Your Business This Year

As a business, marketing and advertising efforts need to be consistent in their success and while it … Read More about Five Marketing And Advertising Updates To Make In Your Business This Year

13 Effective Ways To Empower Your Employees

13 Effective Ways To Empower Your Employees

Employees are crucial to any business’s success; empowering them is essential for your company’s … Read More about 13 Effective Ways To Empower Your Employees

6 Mistakes First-Time Buyers Need To Avoid

6 Mistakes First-Time Buyers Need To Avoid

Getting a mortgage approval isn't as simple as applying for a personal loan. First-time buyers can … Read More about 6 Mistakes First-Time Buyers Need To Avoid

Four Areas Of Your Business To Outsource For Amazing Results

Four Areas Of Your Business To Outsource For Amazing Results

If you want your business to succeed, pretty much every facet needs to be firing properly. You might … Read More about Four Areas Of Your Business To Outsource For Amazing Results

Pros & Cons Of A Truck Driving Profession

Simple Tips to Keep Your Perishable Goods Safe During Transit

Regardless of how large your business is or how many customers you serve daily, keeping your … Read More about Simple Tips to Keep Your Perishable Goods Safe During Transit

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
YOUTUBE

Copyright © 2023 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service