Being in debt stinks, let’s face it.  If you’re one of the thousands today that’s in debt, know how to fight it.  Here are some tips that you can use in order to fight your debt now.

Get a second job

When you have a lot of debt to pay, it makes it hard to live off one job. It makes it more difficult when you pay all the bills instead of splitting them with a roommate. For instance, I have a full time job that pays well and then I have a part-time job. That part-time job basically replaces the tax that is taken out of the check for your full time job. Having a second job, whether it’s part-time or full-time, can put some extra money in your pocket and lower your debt quicker.

Reduce bills

Reducing the amount of utilities and bills you paid each month is very helpful in lowering your debt. For instance, I have a roommate that I split the utilities with if we use them equally. That would be utilities such as rent, cable, internet, electricity, etc. The money I save from splitting utilities really helped me in lowering my debt.

Pay more than the minimum payment

This is easy to do when you have only one job, or if you’re not making a lot of money. If you get stuck paying the minimum payment long-term, you are not only wasting your hard working money, but it’ll also take longer to pay your debt. It’ll be a never ending cycle. The reasons why getting a second job and splitting utilities are essential to reducing your debt, is because it enables you to pay at least double or three times the minimum payment, whatever that may be.

This is a real life example...

For instance, I had a high interest rate on my car. I got a second job from which I made a little extra money. I also got a roommate, in which I had split bills with. With these two components and paying more than the minimum payment, I was able to pay off my car loan in a year and half, rather than the five years I was supposed to pay the debt. Now I’m doing a snow ball effect with the rest of my debt.