Getting out of Debt Requires Planning & Creativity.

Here are 4 tips to get you on the right track.

1.  Pay The Most Expensive Debt First – Make minimum payments on all your debts and then pay off your highest-rate debt first.  Better to put the extra payment on a 15% credit card debt than a 5% mortgage or line of credit.  Once the debt with the highest interest rate is paid off, start on the next highest rate debt. 2.  Become a One Car Family – Having one less car can save you a lot of money.  The costs of depreciation, maintenance and insurance can really add up.  For many, this may seem almost impossible, but with proper planning and scheduling and thinking creatively this can often be accomplished.  Think about alternatives such as car-pooling, getting a bike or electric bike, public transportation, renting a car on occasion.  There are even car sharing services you can look into such as Zipcar and others.  A little planning and flexibility here can take you a long way. 3.  Get a Second Job or Income – Can you sell something online or pick up a second job or freelance in your spare time?  Even on a temporary basis, the second income to help you save or pay down debt can really help. 4.  Consolidate Your Loans – There are times when getting your debts rolled into one can lower your interest and monthly payments.  Just be sure to do your best to not just make the minimum payments.  If you can use the savings to pay down that debt faster after consolidation you can really gain a financial advantage.