Being in a debt can be a very stressful experience. But no matter how stressful it is, you’re still obligated to pay back the debt as at when due.
Here is a guide on how to get out of debt.
1. Assess the debt
Identify the people you are owing and plan on how to pay off your debt as soon as possible.
If you are owing more than one persons, identify them and take stock of exactly how much you owe each of them. You’ll need to arrange your debt according to priority. You need to know which out of your debt is more important to settle first.
2. Get rid of whatever gets you into debt
Don’t make financial choices you might regret
Paying off your debt is not enough, you also need to get rid of any habit that pushes or forces you to take a loan. If impulse buying is the main reason you always get into debt, it is important you stop it because it is the only solution to your chronic debt.
3 Make enough money to avoid debt
Get a side hustle and make more money to pay off your debt.
To stop yourself from going to friends and family members to borrow money, you need to look for other means to make more money. You can create a side hustle which would make you extra income, or you could sell old stuff around your home. This would help you pay your debt even faster than you expect.