by Susan Paige
Research shows that the average person in the USA owes around $38,000 worth of debt.
If you’re struggling with debt, you might feel overwhelmed and unsure of what you can do to fix things. Do you need to declare bankruptcy? Maybe you just need to take on a second job?
This post will provide you with some top debt solutions that’ll help you overcome your debt worries. If you feel as though your debt is getting the better of you, these tips should help you fight back.
What Is Your Current Situation?
If you want to handle your debt, you first need to understand how much debt you have.
You can do this by checking each of your accounts, and then noting all the information within a spreadsheet. It’s a good idea to note down what your minimum payments are for each account too.
You might also want to identify which account has the highest interest rate. In doing so, you can then prioritize which account you need to pay off first.
What’s the Plan?
Once you know where you stand, the next thing you need to do is create a plan.
To begin with, you need to figure out how much money you’re earning.
The easiest way to determine your earnings is by reviewing your W2 form, which you can get from your employer. Most employers are happy to provide this form, as they usually have some software that allows them to create one easily.
It’s worth noting that you’ll probably need a hard copy of this form for your personal records. Therefore when emailing your employer, you might want to use the subject line ‘generate printable W2 form‘.
Once you have this form, you should set a date that determines when your debts will be paid off.
You can then take this data and compare it to the amount of debt you have and the amount of money you’re earning. In doing so, you will be able to determine how much money you need to put aside each month, to hit your goals.
Do You Need Extra Funds?
If you want to pay off your debts as fast as possible, you need to think about how you can earn some extra money.
Now, before you take on another job, you should ask your existing employer if they’re able to offer you some extra hours.
However, if that doesn’t work out, you can always find an additional job with the help of a staffing agency.
Will These Top Debt Solutions Help?
If you use these top debt solutions, you should be able to make some progress when trying to pay off your debts.
If you need some extra help, it’s worth noting there are organizations out there that support people struggling with debt. If you approach these organizations, they may be able to give you some advice that’s specific to your situation.
Debt can be a horrible thing to deal with, and it can create a lot of stress in your life. But if you tackle the problem head-on, you’ll feel as though you’re in control, and this can help you feel much better.
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