Debt Happens: It's How You Get Out That Counts

12/19/2017 |

Category: Helpful Information

Debt Happens: It's How You Get Out That Counts

Debt can happen because of over spending on your credit card, trying to pay off an auto loan, or those pesky student loans that never seem to end. We've got news for you: there's a light at the end of the debt tunnel. It might seem dim now, but there are some things you can do yourself to get out of debt.

Change Your Spending Habits

Your spending habits may have gotten you into debt, and this is the first place where you can start making some changes. If you're spending on items you don't really need (the old struggle of need vs. want) or you've become accustom to a certain lifestyle you can't afford, you might want to take a long look at your purchases. Start by looking at your daily spending habits and see if there are some things you can change; for example, instead of buying a coffee every day, start making it at home and bring it to work.

Create a Budget

Your debt payments will have to be worked into what you're already spending, and this is another time you should sit down and decide what you need to spend money on and what you want to spend money on. Account for regular spending, like food, housing, health care, and education, and then decide what an affordable monthly payment is to start repaying your debt. You might have to cut out expenses, like new clothes, dining out, and that fancy $5 coffee you buy every day, in order to stay on budget.

Make Some Extra Money

Cutting your spending is one way to save money for your debt payments, but that doesn't mean you can’t earn some extra money, too. If it's possible, pick up a second job and put that money towards your payments, or sell some old items online or in a tag sale. Every little bit helps, and you can even look between the couch cushions for some change.

Premier Source offers Premier Personal Loans that can be used to consolidate your debt and make your payments easier to manage. Take back control of your finances. Our lending staff will help you create a plan that works for you. For more information, call us or stop by one of our branches to speak with our lending staff!

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