Easy Ways To Get Out Of Debt Even On A Low Income Budget



What if you could finally put a stop to your debt spiral? What if you can follow a devised and set plan that works to get you to debt freedom and increase your credit score in relatively short period of time? Yes, getting out of debt is not as easy as getting you there but with lifestyle change, focus, persistence, and tenacity, you can achieve your goal of being debt free and financial freedom while improving your credit score.

A great number of people get into debt trap unwittingly. They find themselves in a bit of a hole without even realizing how they got there. If you are one of the people in this predicament like many of us, there is hope and we will show you how you can get your sanity back. We will discuss what one can do to get out of even if you are on low income which by the way should be a motivator for one of the steps we discuss below. Some people get into debt through no fault of their own and some by virtue of their lifestyle are there because of the choices they made and in some cases, still make. However, that said, no one is here to judge. We hope that what will be presented here will be of tremendous help to anyone that needs it.

Many people make so many poor financial decisions in their earlier years that before they know it, they find themselves buried in in a mountain of debt with thousands of dollars of accumulated debt. Worse, it’s not always just one type of debt, often times there different types of debt like personal debt in the form of a payday loans, student loans, credit cards, the mortgage and so many others. By the time they realize it, it is out of hand and very near unmanageable. Some can’t even remember hoe they got there and what they need to do to get out of it. They resort to robbing Peter to pay Paul so to speak without really getting anywhere with their debt if not digging themselves deeper into debt. Yet, it’s not too late, it’s never too late to start and do something about it, and before you know it, over time with lifestyle changes and a plan, you can reduce your debt to almost nothing if not eliminate it altogether following a plan. The plan may include reducing cost, cutting spending, consolidating your debt into a one manageable debt with one payment, reducing your expenses, finding extra income and more. Hence, what presented below is deigned to help you in your journey to lower debt or debt elimination.

Step 1: Conduct an inventory of your debt, spending and overall income.

The first step is to do an inventory of your debt, spending and overall income. It is easier to know what is facing you and how much of debt you have accumulated that needs to be taken care of. You also do an inventory of your spending to determine where your money is currently going or being spent. Then weigh these against your take home pay of all your income.




Step 2; Step 4: Get A Free Debt Analysis

If you have multiple debt, it will be a good idea to conduct a debt analysis to find out areas of better help for you especially, if you have a bad credit or no credit at all. there are debt relief and debt management companies out there that can help your situation and help put you in the path to being debt free and possible financial freedom.

There is one important thing to remember while considering your debt elimination plan. DO NOT EVER STOP making payments on your debt. Avoid late payments because this destroys your credit and makes it that much harder to get out of debt. Late payments mean late payment charges and penalty fees, higher interest rates due to interest rate penalties which drives up the cost of your debt,

You can get a Free Consultation from debt relief companies
If you have poor credit/no credit, unfortunately you won’t likely be able to qualify for many of these other options. However, there are a number of companies that specialize in helping people exactly like you. These companies are called “Debt Relief” services and are for those with over $7,500 in credit cards, medical bills, taxes, and other unsecured debts and poor/no credit.
Debt Relief companies will study your situation and then provide you with your best options. Furthermore, they take action on your behalf and negotiate reductions on your debt for you. This is their field of expertise, so you can bet they’ve seen your situation before, no matter how dire.
Many debt companies out there have helped many thousands of people people to date. They are very experienced, as they’ve helped out thousands; and they are a trustworthy “Member In Good Standing” of the Online Business Bureau.

You can get a 100% free savings estimate and phone consultation, and it only takes a few seconds to sign up and immediately speak with an expert about your situation.
There is no commitment of any kind required to get your free debt analysis. You can click here to learn more, to see how they can help you. Get Your Free Evaluation.

Step 3: Identify Possible Areas You Can Save Money.

It is important to identify areas where you can save money by cutting down on costs and spending and calculate how much of that savings will be in a given month. Assess and find out where you cut down expenses especially with your bills. One possible area is your debt itself especially id=f you have multiple debt. Calculate your savings from consolidating and refinancing your debt. Doing so allows you to lower your interest payments or the cost associated with your debt. It also minimizes the chance of you missing a payment on any of your myriad of debt which adversely affects your credit score. Thus, you identify the actual amount of savings by doing so and put that towards reducing your debt load, killing three birds with one stone, so to speak. You can find this out by using anyone of the debt and/or loan calculators out there. You can do the same here on Debt Freedom.
Basically, by spending a few minutes to calculate your savings if you consolidate, you can refinance your debt at lower rates depending on your credit score and save thousands of dollars in the process. A caveat here, pulling your credit will affect your credit score but the cost of doing so is very minimal and temporary versus not doing anything at all.
Find out how much you can save with the calculator below.

Take a look at your other normal expenses and see areas where you can save money. Take a look at your utility bills like your electricity bill and find ways you can save money from your electricity by turning off lights in areas that are not in use. Take a look at your cable bills, cell phone bills

Step 4: Refinance Your Debt

Refinancing your debt provides an avenue to reduce your interest rate and costs. You can use the savings to pay down the debt faster which will be a win-win situation for you and your debt profile.

Step 5: Consolidate Your debt and Pay 0% Interest With A Balance Transfer Card

You can shop for 0% interest credit cards which allows you to pay 0% interest using a balance transfer card. In essence, you get a reprieve for a given period of time on your interest payments which amounts to cost savings for you that you can use to pay down your debt. It is important to make sure that getting these savings does not mean going out on a spending spree that will bring you back to where you were if not worse. Take advantage of deals out there to pay no interest on your credit card debt for whatever time period they are offering which can be for up to 15 months. That’s 15 months of paying no interest on your debt. It adds up. So, shop around. Like some people will say, if you currently have credit card debt (on any card), and are paying interest, you are basically just throwing money away when there are opportunities for you to pay no interest for a period of 12-15 months.

Here’s how it works:
Let’s say you have $5,000 in credit card debt and you’re paying an interest rate of 15-20% (an average rate). When you transfer your balance to Chase Slate (our favorite card), there’s no transfer fee and you’ll pay 0% interest for the first 15 months.
How does this help? Well, instead of making monthly payments that only go towards the interest, with a balance transfer card, like Chase Slate, you can start chipping away at the actual debt. It’ll reduce your debt much faster and it’ll cost you far less money.

Step 6: Refinance and Reduce Your Student Loan Debt

Student loans have been the bane of my existence since graduating college. I took on a second job just to start paying off my student loans and it barely made an impact. Then a financial advisor friend of mine gave me a great tip… and I basically cut my loan payments in half.
Similar to how you can refinance your credit card debt, you can do the same with your student loans. Every situation is different, but those who use this free calculator end up saving an average of over $14K.
Here’s how to do it: click here from your computer or mobile device, then hit the compare rates button, and finally select the option with the lowest rate and click to learn more. From there you’ll just have to answer a few questions about your student loans, and you’ll be on your way to huge savings.

Step 7: Arrange Your Debt in Order

It is important to arrange your debt in order like the least amount needed to be paid off or the highest interest rate or APR. Generally, paying off your debt starting with the least balance is easier to and actually has a snowball effect to help you pay off your debt faster.

Step 8: Find Additional Source of Income



Find a way to bring additional income into your household to help defray your costs and help you get out debt faster. This particular step is a very win-win situation because it will actually put you in a path to financial freedom where at the very end of paying off your debt, it will help you stay away from debt. It will allow you to have additional means to pay for what you want or need without requiring credit to do so. This also allows you to establish a bonafide home-based/online business that can actually lead to a full fledged online business. Find out how to make money online for extra income. You can make money online in various ways like many are already doing and sometimes, it does not take a whole lot of hours to do. If you can spare about 30 minutes to an hour a day, you can do it. You can make bring in extra income and more money online in these areas:
1 Online Survey Jobs: Start here
2 Internet Marketing (IM) business where you don’t have to expend a lot of hours in a day or week;
3 Drop shipping business where you don’t have to control any inventory;
4 Affiliate marketing business;
5 Surveys and get paid for it;
6 Simple Ad Clicking Jobs
7 Online GPT Jobs
8 Blogging
9 Affiliate Marketing
10 Online Jobs with YouTube
11 Online Freelancing Jobs
12 Online Writing Jobs
13 Captcha Solving Jobs
14 Online Data Entry Jobs
15 Earn with your Smartphone
16 Amazon Online Jobs
17 Online Tutoring Jobs
18 Fiverr
19 Online Transcription Jobs
20 Buy & Sell (Domain + Site)
21 Social Media Jobs
22 Online Selling
23 Digital Marketing
24 Stock & Forex Trading
25 Bonus Online Job

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Step 9: Save Thousands By Refinancing Your Home

If you own a home and haven’t yet taken advantage of the historically low refinance rates, you’re probably spending way more than you should be on your mortgage. Even better, if you have other types of debt that you are paying high interest rates on, you can use the savings to pay off your higher interest debt.
There are many companies that can help you refinance your mortgage at a significantly lower interest rate. Even a 1% rate drop can save you a lot of money over the life of your loan!
You can use this free calculator to calculate your savings on a given amount of mortgage. Use the calculator to see How Much You Can Save by Refinancing

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Step 10: Check Your Credit Report

When it comes to managing your debt, understanding your credit score is a critical component. For those with poor credit, this process will be much more difficult, as you might not qualify for certain loans, or be approved for a balance transfer card.

If you don’t know your score or current credit score, you can check your report from TransUnion one of the three major credit bureaus completely free. You can also get it here from.

Not only will they show you your report, but as part of their service they’ll give you $25,000 in identity theft coverage all for free.

Learn More

Check Your Report

How To Get Started
There is no timeline here because ultimately the quicker you take action, the sooner you’ll be on your way to getting out of debt. I don’t know about you, but every day stressing about finances was a wasted day. The biggest mistake one would make is never really getting started. So don’t let that happen to you. Take action and the following steps listed below and get started today!

At a Glance

Conduct an inventory of your debt, spending and overall income

Get A Free Debt Analysis

Identify Possible Areas You Can Save Money

Refinance Your Debt

Consolidate Your debt and Pay 0% Interest With A Balance Transfer Card
Transfer your current credit card debt
Learn More

Refinance and Reduce Your Student Loan Debt

Arrange Your Debt in Order

Find Additional Source of Income

Calculate Your Savings By Refinancing Your Debt
Try it for free today!
Learn More

Pay 0% Interest For Up To 21 Months
Transfer your current credit card debt
Learn More

Get A Free Debt Consultation
Speak with an expert today!
Learn More

Save An Average Of $14,417
Refinance your student loans today!
Learn More

Save $1000’s Refinancing Your Home
Pay off your higher interest debt
Learn More

Get Your Free Credit Report
100% Free Credit Report – No Credit Card Required
Learn More

About the Author:
Name has been blogging about debt and saving for almost three years. When not blogging, Mitch loves margaritas (home made of course), and enjoying time with his family.

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Get Started Today!

Refinance Your Debt

Pay 0% Interest For Up To 21 Months

Get A Free Expert Debt Analysis

Refinance Your Home & Save Thousands

Check Your Credit Score Today

Refinance Your Student Loans

Make Extra Income/Money

The Bottom Line:

Looking for easy ways to improve your finances? Really want to eliminate your debt? Then you have to change your lifestyle. Stop using plastic. Make a written budget and stick to it. Live within if not below your means.
If you don’t change your behavior, then you are going to keep getting the same results, and that result when it comes to debt will be a costly one. Don’t keep making the same mistake over and over again.