What if you could finally get out of your debt spiral? Continue reading to learn how I changed my finances for good…
I made so many poor financial decisions in my earlier years that a few months ago I was buried in thousands of dollars of debt. Worse, it wasn’t just one type of debt, I had — there were student loans, credit cards, my mortgage – the list goes on.
Then, over a span of about 5 months I reduced my debt to almost nothing…
I cut my spending of course, but that only gets you so far. More importantly, I used a couple of tricks that made a world of difference… and all of them were done in about 15 minutes. My hope is by sharing exactly what I did, I can help you can do the same…let’s get started:
Step 1: Pay 0% With A Balance Transfer Card
The next step I took was I took advantage of deals to pay no interest on my credit card debt. Yes, you read that right, 0% interest! If you currently have credit card debt (on any card), and are paying interest, you are basically just throwing money away.
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 a card with 0% interest, you’ll save hundreds in interest payments each month.
And, instead of making monthly payments that only go towards the interest, with a balance transfer card, 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 2: Calculate Your Savings By Refinancing Your Debt
For those that don’t want a credit card, or have more debt ($15k+) the other thing I did was Ilowered all of my additional interest payments on my debt. If you are paying 10-20% interest on your loans, it’s impossible to start actually chipping away at the debt. That was basically all I was doing prior—just trying to not miss my payments.
Basically, by spending a few minutes to calculate your savings on GuideToLenders.com you can refinance your debt at rates as low as 5.99% APR… and save thousands in the process. All for free.
Step 3: Get A Free Debt Analysis From CuraDebt
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.
CuraDebt, one of the leaders in the space, has helped over 180,000 people to date. They are a leader when it comes to experience, as they’ve helped out thousands; and they are a trustworthy “Member In Good Standing” of the Online Business Bureau.
They are currently offering MyFinance readers 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.
Step 4: Cut Your Student Loan Debt In Half
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.
Step 5: 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.
could help you refinance your mortgage at a significantly lower interest rate – I was able to lower my rate by around 1%, which on my $200K mortgage, saved me over $100/month and over $40,000 in total over the course of my loan!
In the end, you would save $466,991 over the course of the loan, or $1,297 per month. While your loan situation might be a little different, the moral of the story is you stand to save a ton.
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.
One final thing I’ve learned: The biggest mistake I made for years was never really getting started. So don’t let that happen to you… Take the following steps listed below and get started today!