If you’re like most Americans, you’re probably living paycheck to paycheck, have a mortgage, 2 cars and have a ton of debt. Although this may seem normal, in comparison to your friends and family members, it is not and you must get yourself out of debt right now. In this article, we’ll discuss how to get out of debt and pay off debt fast and painlessly.

Know the facts. We are a nation that wants things and we want them now. With hot marketing, easy credit terms and tons of financing options, its no wonder that we have fallen prey to lenders. Understand that and move on. Although you might lust after the newest iphone with video-calling features, realize that it is a want not a need. You already have a perfectly good iphone and it makes no sense to simply by to new one so that you can be cooler than all your friends. Instead, get serious about debt elimination and commit to paying cash and putting nothing on credit from this point further.

Don’t engage in emotional spending. Although you shouldn’t deprive yourself of things you don’t want, make sure that you really want them and aren’t buying it simply because you are stressed out or want to feel better. For instance, instead of shopping when you’re stressed out, try yoga or meditation. Not only is it a great way to unwind but also free.

Pay cash. Don’t charge anything from this point on. Instead pay cash for everything. Tear up your credit cards and only shop with cash, check or a debit card on file. If you see something you want but can’t afford it, save for it now. Don’t put it on a credit card. By doing this, you will get out debt and develop habits that will keep you out of debt from now on.

Develop a debt elimination plan. To see where your money is going, you need to track your expenses and income. Draft a spreadsheet that lists your monthly expenses and your income. If you don’t have enough income to cover your obligations, you’ll have to make more or cut expenses. Sites like mint.com are a great free resource – check it out.

Implement your plan to pay off debt. One great plan is the debt snowball method. With this one you plan to pay off the card with either your highest interest card or the one with the lowest balance. Then, you figure out how much extra you can pay a month. Next, you pay the minimum payment on all your cards except your target card. With the target one, you pay the minim plus an additional amount. Next when the targeted one is paid off, you apply the previously paid amount to the new card until you are debt free.

In conclusion, you can pay down debt if you know the fact, steer clear of emotional spending, pay cash, design and implement a plan and do it now. Once you do, you’ll eliminate that debt for good. Good luck – now make it happen!

Author Bio: Get Rid of Debt can show you how to get rid of your debt and feel the weightless feeling of being financially secure. Don’t hesitate to find out what you can do now to keep your credit in excellent shape and eliminate your debt.

Category: Finances
Keywords: debt, debt strategies, get out of debt, debt elimination, debt elimination plan