It seems that everyone has debt of some kind lately, but the type you often have to watch out for the most is credit card debt. Credit card companies can sometimes have the highest interest rates when you miss a payment or get a cash advance, and they can hurt your credit score, making it seem impossible to pay off your debt.

But don’t worry, there are things you can do and simple steps you can take to get out of debt faster!

VIP Finance has decades of experience in finance and loans, so we know a good loan, good terms, and good APR and interest rates when we see them, which is why we offer you all of the above! Because we want you to ultimately have extra cash, an emergency fund, and get back on your feet.

But before you get a title loan to get out of debt, practice the below tips so you can manage your money, get your finances right, and never fall into debt again!

1. Pay More Than the Minimum – Every Time

Never pay the minimum payment on your credit card or debt, because the minimum payment might count as a payment technically and avoid missed-payment fees, but it isn’t really paying down your balance.

Usually, the minimum is so low, you end up paying even more in interest throughout your loan than what you originally owed. That means you could be charged more interest every month than you’re paying off, making your balance hardly ever go down.

2. Consider an Easy, At-Home Job

There are some jobs you can do from your couch, like teaching English online, or taking surveys. Of course, there are other options, like being an Uber driver or Shipt delivery person, but you can’t do these from the comfort of your own home.

Look into options for extra cash and see what’s out there!

3. Use the Debt Snowball Method (Smallest to Largest)

This is a great method that works for anyone with multiple debts. And it’s simple too:

  1. List out your debts from smallest to largest
  2. Start hacking away at the smallest debt, while paying the minimums on the others (to not incur additional fees)
  3. Once you pay off the smallest debt, move on to the next smallest, adding the money you were using from the first to the minimum you were paying to the second
  4. Repeat, repeat, repeat until all of your debt is paid off

The debt snowball method works because you get little wins every time you pay off one of your debts, while adding the money you were using to the previous debts to the new one. So, you feel accomplished all the while paying off debt and not incurring extra fees.

4. Live Skinny (Just for a Bit)

It can be smart to buckle down and tighten the belt for a couple months, especially if you are just barely not able to get out of debt. Sometimes just small changes like not going out to eat for a month or two can make a large impact.

5. Consolidate Your Debt

Consolidating your debt is always a good choice, so – if you have the option – take it. Here are some of the debts you can consolidate:

  • Credit card debt
  • Unsecured loans
  • Medical debt
  • Payday loans
  • Past due utilities
  • Collection amounts

However, since the list above isn’t exhaustive, that means that some people cannot consolidate their debt, which is why we’ve added 8 more tips that will work for you.

If you are able to consolidate your debt, then consider learning more about the debt consolidation process here.

6. Stop (or Replace) Your Expensive Habits

Sometimes we have expensive habits we aren’t even aware of, like that $6 cup of coffee we treat ourselves with – 4 times a week. Or ignoring sales at the grocery store or paying for delivery when we could easily just pick something up.

It can be helpful to be aware of our bad habits, and then find an alternative. Like that $6 cup of joe? Maybe try having coffee, your favorite creamer, and a reusable travel mug always stocked at your house instead. Those little habits add up, but that means the inverse is true too!

7. Use Cash Until You Get Your Debt Under Control

If your problem is with credit cards, then stop using them.

This can seem harsh, especially for someone who is used to swiping, but if you can’t keep track of what you spend when it’s on plastic, then try with paper.

Plus, handing away cash is more psychologically painful than swiping a little piece of plastic, so it can actually make you consider if your paper is truly worth whatever you were going to buy.

And as for the 2019 loophole – no, you cannot shop online either, that’s still considered using credit.

8. Create a (Realistic) Budget

Budgeting is an amazing practice and can help you save more, spend less, and get out of debt faster! Check our list here for ways to make a true budget that you can stick to!

9. Make a List (& Check it Twice)

List out your expenses, debts, income, due dates, and more – because becoming debt free all starts with the numbers.

If you know when your bills are due, you won’t miss them, and then won’t get more fees. If you know when you get paid and what’s due that week, you can better plan and budget.

Basically, knowing can never hurt you, only help you, so make sure you have all the data before you make a plan.

Still Need Help? That’s Ok! Consider a 6% APR, Low-Interest Title Loan from VIP Finance of Texas to Help Get Out of Debt Faster!

We wish the above tactics worked every time for every person – but we know that everyone’s situation is different, and sometimes you need a quick influx of cash to get back on your feet. That’s what VIP Finance of Texas is for!

With our low APR of just 6% and longer terms than anyone else around, you can pay off your higher-interest loans with the cash from your title loan, and then have 12 months to pay it back, while it accrues the lowest interest in the industry!

Contact us today to learn more, fill out a no-obligation form to start the process, or find the closest location to you. VIP Finance of Texas is here to help you get out of debt faster!