Skipping your morning Starbucks and quitting eating at restaurants won’t clear your hefty amount of debt. It is possible, even if you owe tens of thousands in debt repayments, to get out of debt within a year or two, but it will require some life-changing sacrifices.
Here are some of the most extreme yet effective things you can do if you’re serious about clearing your debt quickly.
Sell family heirlooms
If you’ve inherited valuable family heirlooms, such as jewelery, now is the time to cut your sentimental ties. It may be harsh and ruthless, but imagine what your late grandmother would make of your current financial situation.
She would probably advise you to sell that old jewelery box full of her past treasures and clear your debt so you and your family can live happy and stress-free lives.
Get rid of your second car
Or both cars, if you’re really serious. If you absolutely need a car, then sell yours for a model with a smaller engine so you can save on fuel and insurance. If you have two cars, then you should at the very least get rid of one. Seriously consider whether you really need them both. Are there ways you can get around having just one car, or not even owning one at all?
If you live in an area that’s well connected in terms of public transport, or has a lot of amenities within walking distance, now is the time to sell your car. It’ll take a huge chunk out of your debt and dramatically reduce the time it takes you to clear it, so it’s something you really need to consider.
Downsize your home
Moving house into something much smaller and cheaper is perhaps the most extreme step you can take towards getting out of debt. A quick sell will provide you with cash, so you can buy a much smaller house outright with money to spare. The spare money can be used to repay some of your debt, whilst the money you’ll save on monthly mortgage repayments will also contribute to paying it off.
If you’re not quite at the stage of desperation to consider these extreme methods, then you need to take steps to ensure your debt doesn’t spiral out of control to the extent that you end up having to implement our tips. To find out how you can start managing your debts, check out this website for some expert advice.
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