4 Ways Plow Your Way Out of Debt

December 27, 2012
by Kyle Taylor
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The Penny Hoarder is full of ways to make extra income from the wacky, to the bizarre, to the practical. There truly is a side job for everyone. Sometimes these side jobs are fun ways to make extra cash, and other times they are necessary to provide debt relief.

If you find yourself deep in debt, you may feel hopeless, but know that you have the tools to get yourself out of debt and recover financially. Here are some steps to follow that can help you get out of debt quickly:

1. Work with a debt relief expert. Debt relief agents such as those found at http://www.debt.ca for debt relief Canada can help you by negotiating with creditors. Yes, you can negotiate on your own, but you may have better luck using a debt relief agency. A debt relief agency has a rapport with the various credit card companies and can lower the interest rate you pay as well as negotiate settlements for you.

2. Bust your butt–temporarily. When you are ready to aggressively pay off your debt, work your full-time job, but pick up a side gig or two. Whether that means you collect scrap metal or donate plasma, do what you need to do to bring in extra money.

3. Stop using credit. Stop using ALL credit. That is the only way you can stop the bleeding. You may be able to use credit again when your financial situation improves, but for now, stop using it. Don’t go any further in debt.

4. Get encouragement from like minded people. Don’t spend your time around spendthrifts. Instead, surround yourself with others who are financially responsible or also digging their way out of debt. They will encourage you when you get tired and want to stop aggressively paying down debt.

Paying down debt is not easy, but by working with a debt relief expert and working extra side gigs, you may soon be encouraged as your balance drops. Surround yourself by those who provide encouragement, and you may find yourself out of debt in a shorter amount of time than you ever thought possible. Then, all the money for your side gigs can be used to invest or to have fun with.

by Kyle Taylor
Kyle is the founder of ThePennyHoarder.com

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