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My take on how to get out of debt


MY TAKE ON HOW TO GET OUT OF DEBT

A lot of people are trapped in different types of debt that has made them really devastated. I know of a friend who took a loan to do an investment that later crashed. Now the bad thing about this bus that she lost the capital and didn’t even get an interest.

Now she has to pay back the money she didn’t spend well. No profit, nothing to use to start something to be able to pay back the loan. She was incredible devastated.

Truth is taking a loan is good but you need to take calculated risks. And invest it I something you are sure will give you good returns. 

It’s quite difficult for her to get out that debt because she has no job and no source of income to be able to pay back. Really sad.

But, there is hope! If you are truly determined to get out of debt you must first get something doing no matter how small. Cut down your expensive.have multiple streams of income. There is nothing God cannot do. Yes!

I will list out some effective strategy you can use to get out of debt and be financially free.

  • First thing first, you should get something done. If you don’t have a skill get one. Skills like web designing,  graphic designing, content writing and so on. Once you have gotten these skills, start to look for the client. People that will need your service. You can even sign up as a freelancer on fiver or Upwork. There are a lot of people that are likely to hire you for the job. It might be difficult from the beginning but don’t give up. You have to push hard and do what you have to do.
  • Spend less,  save more. I know a lot of people are very bad at managing money. Yes, it can be really difficult especially when you have a lot of Bill’s to take care of. You need to cut down on spending too much and save to be able to pay off your debt. No matter how little keep paying off your debt small by small until it’s over 

  •  Another way is to never take another loan to pay off another loan. This will keep you in a debt trap. Try as much as possible not to take any form of loan to pay off a debt. Never ever do that.

  • Write down whatever debt you are owing and use your income budget to see how you can pay it all off. Have a set goal on when and how you want to pay your debt. and stick to it. 

Being indebted to someone or a company can be a very terrible experience. You have to find a way out of it. 

After you have succeeded in paying off your debt make sure you never go into any form of debt.


 

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