• Home
  • Technology
  • Business
  • News
  • Health
  • Travel
  • Education
  • Food
  • Games
  • Home
  • Technology
  • Business
  • News
  • Health
  • Travel
  • Education
  • Food
  • Games
No Result
View All Result
CRAZY SPEED TECH
No Result
View All Result
Home How To

How to Pay Your Debt and Stay Debt Free

in How To
Reading Time: 5 mins read
0
Note with words pay off debt concept.
Share on Twitter

At the beginning of 2018, 53% of Americans indicated debt reduction as their top priority.

Unlike what many of you believe, debt isn’t always associated with careless spending and living beyond one’s means. Even those who swore never to use a credit card or get a loan, end up doing that.

Most debt stories come from unexpected significant expenses that were unavoidable. This could include illnesses, calamities, student loans, and mortgages, among others.

Sometimes we decide to get a loan to start a business so we can make more money to feed our families. Sadly, debt always seems to procreate in some way, and you find yourself at a point of no return.

Is there a better feeling than being debt-free? If you’re currently in debt, don’t lose hope. Here’s how to pay your debt and stay debt free.

Organize Your Debts

There are many ways to prioritize your debts. One of them is in ascending order. This method helps you get rid of debt from the smallest (most manageable) to the largest.

Read, How To Find Out Everything About Someone

With the snowballing approach, you’ll see progress sooner; hence, you’ll get motivated to finish other debts.

The other method is to layout your debts as per priority. Priority is based on:

  • Interest rate / APR
  • Payment deadline
  • Current total amount
  • Minimum payment
  • Consequences of missing payment

You may want first to clear off a loan with a high-interest rate. This is to avoid the accumulation of interest, which further increases your debt amount. If a payment’s due date is close, you can also prioritize that loan to avoid further penalties.

Your current loan amount might be payable in one sitting. It’s not worth adding interest to it. The best way to rank your loans is by checking the terms and conditions offered by your lender.

If the terms are favorable enough to spread them throughout a certain period, then do so. If your loan terms are as bad as unlimited liability where lenders can come for your belongings, pay those first. Also, avoid such strangling loans!

Try to Negotiate with Your Lenders

Once you line up your debts and realize so many of them are principal payments, you can approach your lenders for negotiation. The lender might decide to:

  • Reduce your interest rate in exchange for a higher monthly pay
  • Reduce your minimum payments in exchange to higher interest rate
  • Reduce your payment duration in exchange for whatever else

Before approaching a lender, go through their loan policies. With such knowledge, you can come up with a win-win solution that’ll ease your loan payment. When approaching the lender, show them that you’re open to any solutions.

For credit cards, you can try balance transfer. There are several balance transfers out there that can give you affordable offers — some as good as 0% APR for 15 months or more.

A 0% APR deal might incur you some transfer fees for the privilege. Other corporations might offer you zero interest if you pay them within 30 to 60 days or so. You can also choose debt consolidation to ease your loan payment.

Cut Down on Your Expenses

How much do you spend a month? What do you spend each month? Write them down, each item with its cost, from bills to shopping and luxury expenses.

It helps to note down everything you purchase and keep receipts for most of your luxury expenditures. If you count the amount you spend a whole month on junk, partying, and other luxury expenses, you’d cry.

It’s easy to spend when we’re not tracking our expenditure. So start monitoring. This is the first step to being conscious of what you spend.

Here are four things you should stop buying:

  • Items that are more of a want than a need
  • Expensive items with excellent and affordable substitutes
  • Different flavors or shades of one product
  • Expensive items that require you to take off money from another budget

Every cent you save, use it to pay your debt. You shouldn’t be spending on vacations when you haven’t paid your debts. Change your luxurious lifestyle into something you can afford.

Run a Yard Sale

Whether on your yard or eBay, items you no longer use can help pay your debts. Sell them all!

We all have a hoarder within our souls. Looking to save that vase we bought a hundred years ago.

What good will these items do when we end up with so much debt that we can’t even pay our rent or buy food? If you have two tables, sell one. Don’t look for reasons to keep these items.

There’s something about money and the human mind. When we come into contact with some change, we feel the need to spend it on something. To avoid such, once you’re done selling all your items, immediately get rid of one of the debts.

Don’t worry, once you’re debt-free you can buy other items and make new memories.

Get a Side Hustle

Whether you’re in school or working, you can always get a side hustle to make extra cash. If your current job pays you peanuts, you can dedicate your side hustle to funding the loan payment.

One thing about paying debts is that it’ll squeeze all your time. However, the feeling of living a debt-free life is worth this sacrifice.

Once you’re done paying your debts, keep the side hustle. The amount you make from this, save it for future emergencies.

Pay Above the Minimum

Sometimes you may receive something known as found money. Found money is money you didn’t expect or plan to get.

You may receive money as a birthday gift, a bonus at work, or a tax refund. Spend all these extra cash on paying your debts.

If the least payment amount is $50, but you receive a cash incentive of $100, pay above $50. Many would pay $50 and waste the rest. Forget burgers and be excited that someone brought you closer to clearing your debts.

Even when you complete your monthly payment, any extra cash you make before the month ends should still contribute to paying that debt.

Pay your Debt and Stay Debt Free

The ultimate method to successfully pay your debt is by outlining a strategy. Your debt amounts versus your income. Have a plan for paying each cent and achieving it will be much easier.

It takes sacrifice and discipline to complete a debt. Once you do, it’ll take more of these virtues to save money, so you never borrow a loan again.

Would you like to earn more money to double your savings? Check out our post on making quick money.

Also, How To Recover Raw Partition: What You Need To Know?

Related Posts

Even before they step out of their farms to purchase equipment such as tractors, farmers already know what they are looking for. Most of them not only have an idea of the specifications they want but also of the make and model. This is why a farmer will have to be focused and deliberate questions when they arrive at an auction. You need to understand the general condition of the piece of equipment before you – here are some tips on what to look at; Outward appearance of the used tractor Some tractors look new even though they have been in use for a long time. This is a clear indication that the previous owners took good care of them. The conditions under which a tractor was used plus how it was stored are key factors of how fast it will wear down. Do you notice peeled paint, dents or odd-looking tires on a tractor? If you are still interested in buying it in such a state, find out how much it would cost to restore it to good shape to establish if you are getting into a good bargain. The condition of the articulation point As a general rule, the articulation point should stay greased. Failure to keep it that way results into wear and will affect the performance of the tractor. To check that this part of the equipment is in good condition, conduct a visual check. All is well if the part is greased and free from metal shards. Next, you need to carry out an operational inspection; by moving the tractor back and forth. Did you feel a knock during movement? You could be dealing with a transmission slip issue. The next test you need to perform is moving the tractor to the right and then left. As you handle the steering wheel, look out for signs of looseness or involuntary wandering. Any of these occurrences could be an indication of a bent or damaged pin. You should be concerned if the steering wheel feels too tight because this might mean that the pins are too dry or the hydraulic cylinders have been damaged. Engine Compartment The most important aspect of any type of machinery is that it roars to life when fired. This is the first indication that the engine is in good working condition. After turning on the tractor ignition, allow it to run for a few minutes then check if there is any form of leakage. Are leakages likely to happen after a few uses? You will know this from the condition of the hydraulic, coolant and fuel lines. Pay attention to any cracks and signs of wear. Even though the engine still runs, match the emitted horsepower with what has been stipulated on the engine plate. Further engine performance is determined by listening to any sounds that come from the cylinders; a mechanic's stethoscope is the ideal tool for this exercise but some people use screwdrivers. The final check of the engine should be on the air filter which should be done after the tractor has been switched off. Every manufacturer offers recommendation of how frequently air filters should be replaced. You will know if these have been followed from the appearance – at the very least, they should appear clean. Inside the cab The inspection of the cab begins right after you open the door. If there is mud or dirt, the tractor might have not been properly maintained by its previous owner. While the mileage or engine hours might not be a true indication of the condition of the tractor, the numbers will give you an indication of what to expect. For tractors that come fitted with a guidance system from the manufacturer, check that the electronic components still work properly. PTO shaft The Power Take-Off shaft is a standard component in all items that are operated mechanically. The first thing you need to check here is that the PTO on the tractor bears the specifications for the attachments you are looking to use with it. In instances where you do not find a perfect match, a tractor with more of the PTO power specification, horsepower, etc. versus what is needed and preferred. This ensures fuel economy and accommodation of larger attachments as farm operations expand. Apart from the specifications, it is important to check for smooth rotation when the engine is running. Any knocking or odd sounds could mean a potentially expensive replacement exercise. Keep in mind that repairing the PTO requires detachment of the rear end of the tractor. Maintenance records and supporting documentation Has the tractor inspection so far been impressive? It is now time to ask for the maintenance log and any documentation that supports it. These records are important in establishing when and which repairs have been performed on a tractor. Do not forget to ask the seller for list of attachments used on a tractor. Have you already made up your mind on the type of tractor you want to buy? There are plenty of posts on used tractors for sale on Tradus so you are not likely to get confused. Tradus is the online platform you need to be on if you are interested in a good bargain. Hosting buyers and sellers in Europe and beyond, this marketplace ensures that you have a wide selection of high quality used tractors to choose from. You do not have to worry about being conned on this site because Tradus vets all sellers to establish that they are honest and legitimate. If you did not immediately get what you were looking for, signing up for alerts ensures that you do not miss the chance to do so. Do you prefer to use the Tradus app instead? It is available on both Google Playstore and Apple Appstore.

Buying a used farm tractor? Use the following tips to inspect

January 7, 2021
How Do I Find A Trustworthy Electrician?

How Do I Find A Trustworthy Electrician?

August 18, 2021
5 Tips To Prevent Pallet Rack Collapse

5 Tips To Prevent Pallet Rack Collapse

January 6, 2021
How To Become Popular on TikTok

How To Become Popular on TikTok

January 8, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Other Categories

  • Digital Marketting
  • Games
  • Home Appliances
  • Lifestyle
  • Marketing
  • Refer & Earn
  • Fashion
  • Android
  • Entertainment
  • Currency
  • GADGETS
  • Social
  • Education
  • Home
  • About Us
  • Contact
  • Disclaimer

Crazy Speed Tech Copyright © 2015-2021. All rights reserved.

No Result
View All Result
  • 4 Harmful Medical Cannabis Myths Debunked
  • 5 Best Backpacks To Buy – Read Before You Buy One
  • 6 Things You Should Know About Oral Drug Testing
  • Appvn APK Download for Android
  • Contact Us
  • CRAZY SPEED TECH – Latest News, Apps for PC, Windows, MOD APK, APK Download & Alternatives.
  • Disclaimer
  • Facejjang Apk Download | Facejjang App Foe Android
  • Google Pixel 3 and 3 XL coming in October 2018
  • Met deze accessoires laat je de moeder van de bruid schitteren
  • Newsletter
  • Privacy Policy
  • Skønne festkjoler som aldrig går af mode
  • Tästä näet kuinka paljon morsiamet käyttävät rahaa häihin
  • Things to See and Do in Maremma, Italy
  • Truth About CBD Gummies For Sleep, Calmness, And Exercise Recovery

Crazy Speed Tech Copyright © 2015-2021. All rights reserved.