How to get Out Of Debt With a Low Income

HOW TO PAY OFF DEBT ON A LOW INCOME

Getting out of debt is one of the most desired aspect of debtors however it is highly hard especially when there is little or no income or support to clear off debts. 

Debts comes with alot of negativity. Nerve cracking moments, depression, anxiety, anger, nervousness, feelings which comes in especially when payment due date approaches. 

If trying to get out of debts, here are some helpful tips that could help. 

          Image source - firstquarterfinance.com

1. AVOID TAKING NEW DEBTS

Borrowing money from one loan platform to pay another platform is not a good thing to do. This is so because firstly, interests of each loan platform vary. Secondly, it makes ones debts status increase and mistimes, this happens unknowingly. Also it will be very good to put a stop to unnecessary spending of money.

2. NOTE DOWN TOTAL AMOUNT OWED IN DEBT

Getting overwhelmed in debt is sometimes tricky. It's tricky because mistimes keeping tabs on amount owed is depressing. 

It is very important to make a list and keep tabs on exact amount owed. Also each amount owed and interest rates should be noted down. It is very important to keep record of the amount owed because without clear record of amount owed, it might be impossible to pay off the debt with low income.

3. PAY OFF SMALLER DEBTS FIRST

In debt, smaller bills are easiest to get rid of. While amount payed off might be small, it is a big achievement and milestone. It is important to take things one step at a time. Paying off little debts upon little debts and keeping tabs on the amounts payed. Although at some points, the numbers might be intimidating but keep on trying and never give up 

4. START PAYING OFF BIGGER DEBTS

Once the smaller debts are sorted out, it's about time to look into how to start sorting the bigger ones which might be quite overwhelming. However paying off bigger debts one after another is a bigger milestone achievement.

5. TRY TO EARN EXTRA MONEY

This is a very important step. Looking into other streams of income is very Important in payment of debts. There are various opportunities on the internet today, Choosing a niche online and working on it is a very good step and milestone achieved.

It is important to also try to be very patient as earning online can be tough and tiring sometimes especially because it is not easy.

6. SPEAK TO SOMEONE

Sometimes, voicing out might be the solution to ones probli. In debt related issues, everyone is responsible for their debts however, speaking out someone might get the right help either financially or emotionally. It is important to voice out regardless of whatever the result would be because debt can be depressing.