Want to get rid of your Debt and pay off your loans, while going as far as you can to return to a clean slate? These tips will help you do just that.

1 – Start Off By Making A Goal

You need to start off with a realistic goal in mind if you have a lot of debt, especially when it comes to anything with high interest rates. This is true no matter what you owe. It’s easy to end up with quite a lot owed in a brief period of time, but painfully difficult to pay it all off in a timely fashion in many cases. Stay dedicated and keep track of your progress however. It can help you stay on the right path and even see an eventual end goal in sight. Being smart about your financial goals can really go a long way.

2 – Freeze Your Credit Lines

It may sting to lose the extra bit of financial cushioning, but you should consider freezing your credit lines. This can force you to think more carefully about your expenditures. If you already have debt, you’ll only dig the hole even deeper by adding more on top of it. You can put a hold on Credit Cards through the company or even literally hide them away or cut them up if need be. Anything to remove the possibility of charging even more will help you in the long run. Only make purchases you can actually afford, and focus on needs rather than wants. In the end, you’ll likely be happier knowing you aren’t living beyond your means.

3 – Rank Your Debts By Importance

Make a full list with every single debt that you owe. This can be anything from credit cards to outstanding balances on utilities to expensive Payday Loans. Whatever the balances may be, rank everything in order of greatest priority. The likes of mortgage or vehicle payments will often be ranked highest given the importance of transportation of housing.

That said, everyone will have their own priorities. It might make the most sense to get rid of the debts with the highest interest rates before anything else. Something like payday loans might also need to be taken care of as soon as possible. Just be sure to use your best judgment.

4 – Cut Back On Your Expenses As Much As Possible

One of the best ways to expedite being debt free is to save as much of your earnings back as you can. Look at all of your typical expenses and see what can be cut. Track all of your expenditures for at least a week or two. Even small purchases that might not seem like much probably add up to more than you realize. Even cutting back on cups of coffee in the morning can save hundreds of dollars per year. Regular trips to the ATM also add up given the fees. Once you have all the numbers right in front of you, you’ll see exactly how much money you probably waste unnecessarily.

5 – Create A Strict Plan For Your Expenses

If you have a mountain of debt, you need to plan out your purchases and expenses very carefully. This includes making actual grocery lists and noting exactly when you’re going to make bill payments. Check items off of physical lists and never stray from what you decide upon. This will create a degree of personal accountability that will help you save as much back for your debt payments as you possibly can.

If you need help with your plans, you can always enlist the help of a trusted friend or loved one. Otherwise, consider scouting the rest of the web for even more resources like budget calculators and expense spreadsheets. If nothing else, keep the end goal of finally being debt free in mind at all times. As long as you’re strict with yourself and focused, you can finally get over the hurdle in due time.

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