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How can I get out of debt?

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How can someone get out of debt when anxiety grabs hold of all her/his motivations?

First, you have to admit you have a debt problem and you have done this, which is a great start.

Basically, your lifestyle has created the debt issue and so you need to change your attitude and lifestyle. If you don’t want to go to your lenders and declare yourself bankrupt, then you should look for a second job on the weekends to raise more money to pay off the debts.

You should also look and see where you’re spending money and cut it back by 10 per cent. If you spend $30,000 a year, then a 10 per cent saving gives you $3000.

You have to replace your money chaos life with a money-orderly life.

Once you have done these things, you could go to your lenders and admit you have a problem but that you have created a plan to pay down the debt to eradicate the problem. The lender might give you easier terms or consolidate your debt at a lower interest rate to help you pay them back. Good luck with it.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Friday, September 09, 2011

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