8 Steps To Get Yourself Debt Free
Half of American families have an average credit card balance of $14k. For many, this is debt caused by consumer spending and poor debt exit strategies. With some get-out-of-debt help from the tips assembled below, you won’t just get out of debt, and you’ll get out of debt faster than you ever thought possible.
![tip_1_1200 woman planning](https://empeople.com/wp-content/uploads/2021/02/tip_1_1200.jpg)
Tip #1
Snowball payments. Make a list of all your debts: smallest to largest, regardless of the interest rate. Pay the smallest debt first and keep making minimum payments on the rest. Then work your way up like a snowball gaining critical mass. Repeat this method to plow through your debt.
![tip_2_1200 couple planning](https://empeople.com/wp-content/uploads/2021/02/tip_2_1200.jpg)
Tip #2
Set timely goals. How much can you spend on debt repayment every month? Divide your total debt by this amount to do a rough estimate of how long it will take you to get out of debt. It might take longer than this, but it is an excellent way to understand roughly how much longer you will need.
![tip_3_1200 grocery shopping](https://empeople.com/wp-content/uploads/2021/02/tip_3_1200.jpg)
Tip #3
Live frugally. Start couponing. Cut the cable. Stop going out to eat. Plan your grocery trips. Ditch the gym membership. Cancel recurring subscriptions you may not even remember you have.
![tip_4_1200 cutting credit card](https://empeople.com/wp-content/uploads/2021/02/tip_4_1200.jpg)
Tip #4
Cut up your credit cards. Except for the one you want from Empeople.
![tip_6_1200 family shopping](https://empeople.com/wp-content/uploads/2021/02/tip_6_1200.jpg)
Tip #6
Tell the kids you are on a budget. Ever gone shopping when you are hungry and bought useless things your stomach wanted? It’s the same thing with kids. Don’t be afraid to tell them what the budget CAN DO and what the budget CANNOT DO. Don’t be afraid to say no.
![tip_7_1200](https://empeople.com/wp-content/uploads/2021/02/tip_7_1200.jpg)
Tip #7
Ask for a raise. If you’ve done the work to build a budget and know your payment schedule, why then don’t you help yourself out and ask for a bigger paycheck? Can’t hurt.
![tip_8_1200 couple drinking coffee](https://empeople.com/wp-content/uploads/2021/02/tip_8_1200.jpg)
Tip #8
Learn to say no. You don’t need it. You have food at home. Coffee tastes better in your own kitchen. Nicolas Cage movies on Netflix are a perfectly suitable replacement for entertainment.