Ask Away...: Can You be Debt-Free in a Year?

Tuesday, August 1, 2017

Can You be Debt-Free in a Year?

If you’ve been struggling with debt over the last few months, then this article is for you. So many people across the country suffer their debts without seeking the right assistance; they seem to believe that their situation is hopeless. If things get bad enough, then they may seek “solutions” that will only make things worse.

If someone were to say to you that you could be debt-free within a year, then you may not believe them. Of course, not everyone who makes this claim to you is trying to help; they may be pretending to offer some sort of magic solution in order to take advantage of you and your situation. But it may be a lot more feasible than you realize; it just requires you to be proactive in your financial strategy.

We’re going to take a look through some of the best financial steps that you can take in order to help relieve a massive portion of your debt in less time than you might think.

Get professional advice

No, this blog post doesn’t exactly count. There’s some useful advice in here for sure, but you can’t exactly ask this article questions and get personalized responses; it’s a completely static object! If you want to stop stressful debt collection calls, sometimes the best thing to do is seek the help of a personal finance professional. Yes, it’s true that they’re not free, which makes this advice seem, at first, a little odd. Surely spending more money isn’t going to get you out of debt? But this isn’t exactly true; the best ways of getting out of debt often aren’t free.

This being said, you need to be very careful around professionals who seem to be offering some sort of magical solution. The best personal finance professional is someone who will be honest with you and your situation. But the key term to remember there is your situation; getting direct help with your unique situation can often be better than reading catch-all advice.

Apply for debt consolidation

Debt consolidation is a means of clumping all your credit together into one affordable monthly payment. The level of that payment is partly down to you. Whichever company you use, they will look at your finances and suggest a payment quantity. If you would like to increase the amount you pay to ensure your debts are cleared in under one year, you just have to let the specialist know.

Make sure you don’t agree to anything you can’t afford though as you could end up in more trouble than you’re in at the moment! This is definitely something you should look into if you have more than one line of debt to worry about. It’s not a free option, of course, but it can be tremendously helpful if your current situation is becoming unbearable.

Start investing the money you have

While some investments can be a little like gambling, you could make a lot of money if you choose safe solutions where the odds are tipped in your favor. The stock market, for instance, is a brilliant place to make a huge profit. You don’t even need to understand how it works thanks to specialist companies that offer brokering advice.

Just make sure you research any brokerage firm you consider using and read reviews from previous clients. Contrary to popular belief, they’re not all like the scoundrels you may have seen in The Wolf of Wall Street - but there are certainly some brokers who are better behaved than others!

Downsize your home

Owning a five-bedroom home might have been a good idea when you’re children were small. However, it could be sensible for you to downsize now they’ve grown and flown the nest. (Besides, you probably need an excuse to declutter and reduce the amount of possessions you have, right?) Downsizing your home could result if you having a huge lump sum hit the bank. That money could be used to pay off any creditors you have in a matter of days!

Unfortunately, it’s not something that a lot of families consider simply because moving out of home is such a complex process - and, of course, it can also be an expensive process in itself! But it can save you an awful lot of money within the space of just a few months if you’re living in a much bigger property than what you really need.

Debt can weigh heavily on you, and it’s a weight you should get off of your shoulders as soon as possible. Take these steps and see what a difference it can make to your financial situation.

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