10 Tips To Get Out of Debt FAST! (Unconventional Methods)

Getting out of debt can seem like a daunting task, but it's possible with the right approach and a strong commitment. Here are five tips to help you get out of debt and achieve financial stability:
Create a budget: The first step in getting out of debt is to understand your spending habits and create a budget that allocates your income towards your bills and debt repayment. Start by listing your monthly income and all of your expenses, including debt payments. From there, you can identify areas where you can cut back on spending and redirect those funds towards paying off your debt.
Prioritize debt repayment: Once you've created a budget, prioritize debt repayment by paying off high-interest debt first, such as credit card debt, since this debt can quickly spiral out of control. Consider consolidating your debt into a lower interest rate loan or working with a financial advisor to create a debt repayment plan.
Increase your income: If you're finding it hard to make ends meet, consider increasing your income. This could mean taking on a side job, asking for a raise, or finding ways to monetize a hobby or skill. The extra income can be put towards paying off your debt more quickly.
Avoid taking on more debt: It's important to avoid taking on more debt while you're working to pay off existing debt. This means avoiding using credit cards or taking out loans, unless it's for a necessary expense.
Stick to your plan: Finally, it's important to stick to your debt repayment plan and avoid slipping back into old spending habits. This can be challenging, but staying committed and tracking your progress can help you stay motivated. Consider setting financial goals, such as paying off a certain amount of debt each month, to keep yourself on track.
Remember, getting out of debt is a marathon, not a sprint. It may take time, but with patience and persistence, you can achieve financial stability and freedom from debt.

In addition to the traditional tips for getting out of debt, there are some unconventional methods you can consider as well:
Sell assets: Consider selling assets that you no longer need or use, such as a second car, unused jewelry, or high-end electronics. The proceeds from these sales can be applied directly to paying off your debt.
Barter for goods and services: If you have a skill or trade that you can offer, consider bartering with others for goods and services you need. For example, you could offer to do home repairs in exchange for groceries, or offer to babysit in exchange for a reduced rate on a service you need.
Participate in the sharing economy: Consider participating in the sharing economy by renting out a spare room on Airbnb, or offering your services on TaskRabbit or Uber. The extra income can be used to pay off debt.
Seek out debt forgiveness programs: Some companies and organizations offer debt forgiveness programs for people in financial need. These programs can be difficult to find and may have strict eligibility requirements, but they can be a lifesaver for those struggling with debt.
Negotiate with creditors: If you're having trouble making payments, reach out to your creditors and ask if they're willing to negotiate a lower interest rate, a reduction in fees, or a payment plan that's more manageable for you.
While these unconventional methods may not be suitable for everyone, they can be helpful for those who are looking for creative ways to get out of debt. It's important to remember that getting out of debt requires a combination of strategy, commitment, and patience.

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Sources Used in This Video:

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[steventopps]

David two videos a day now . Every morning when I get home from work and now in the evening before work . Twice the love ❤

[jmc]

You’re one of the honest ones who actually care David and I’m here to support. ✌️

[ericmadsen]

Thank you David for the 5 do's and 5 don'ts on how to get out of debt fast and not to go back to bad spending habits.

[evegreenification]

I have a bunch of debt, so I am chipping away at the highest interest one first. I'm looking forward to snowballing that payment towards the next one.

[gdj]

It's getting to the point where practicality and frugality no longer works.

[lestersaunders]

Topnotch information as always David 💯✨

[steltoronto]

Excellent advice David thank you once again very informative. 😊👍

[TheComicChild]

I have seen non-criminal survival tactics like going to foodbanks, clothing & meals from religious institutions, relatives for daycare as well as living in a vehicle. Relieved outright collapse has not hit my corner of the planet yet. Very tempted to take a risk for a loan to purchase a speculative asset which may increase in value to cover loan/interest/capitalgains tax. Very disheartened to feel no middle (or lower) class wage will afford a house, kids or a wedding let alone a vacation.

[wlbranch]

The book “The richest man in Babylon” helped me learn how to become debt free. Great video David.

[dilligafwoftam]

Dave, you need to send a copy of this program to Biden, Yellen, Congress and the House ... although be careful, I think the above think it UnAmerican to not have obscene amounts of debt. 🤓🇦🇺

[kamakaziozzie]

23 years ago I was underwater with debt. I owed >30K in CC. Fortunately, this was before Congress passed a law that made it more difficult for individuals to discharge their personal debt (this was when GW Bush was coming into office).
After I got that second chance I’ve spent the past two decades salvaging my zero credit score.
Don’t let them get you in the debt spiral they had me.

[JS-jhcy]

One way to start is to pay all new shit off of your credit card, ie if you add $10 purchase then in less than 24 days pay the bill as $11 dollars so you can focus on paying the old part of your credit card over time

[gray]

Excellent information! I think providing success stories would help to motivate folks to start on the debt free journey. Thanks for sharing! :-)

[steventopps]

David glad to see I am not the only one buying copper coins. Before using silver my copper coins will be the first to go. For small purchases .checking out the numbers on eBay and noticed allot of other people are buying copper as well

[lilblackduc]

This is a splendid Tutorial video, David...Why not do a 'series' of these, then put them in a Playlist for future viewers? Thank you...🇺🇸 😎👍☕

[melol]

David what about for people on fixed incomes like seniors or the disabled or handicap..what options are available for them?

[themessiahsgovernmentofint]

Create currency on a spreadsheet. Now you own entire market.

[sagepirotess]

Seriously what is debt. I haven't had any debt since 2009. Always use a debit card, cash. But what I need, not want. So much just just sits in closets, boxes or digital content you never use.
Built a house in cash after a decade patiently saving. Loans are for impatient .

[wantsome-zssq]

I want debt but no one will give me a credit card. Can't live anywhere without credit.

[sinkscanyon]

Negotiate with predators... um, creditors.