The only way to get out of credit card debt is to stop creating new debt while paying off what you owe. This means you need a budget that covers all your expenses and builds in emergency savings.
The goal is to free up as much money as possible to provide the relief you need. Remember, these cuts are temporary. Once you pay off your debt, you can add these expenses back in.
Now it’s time to get down to the nitty-gritty of obtaining debt relief. That starts by figuring out exactly how much you owe, what it’s costing you, and where each debt stands.
This is where your budget comes in because minimum payments aren’t going to help you get out of debt quickly. Instead, you need to put as much money as possible towards paying off one debt at a time.
Let’s go over the most popular forms of debt relief and the best situation to use each one. These solutions can help you avoid bankruptcy and get out of debt as quickly as possible. The first two solutions are do-it-yourself debt relief options. The second two are debt relief programs that you set up with professional help.