How to Get out of Debt


Debt can be a very useful tool, but it comes at a cost and become a real burden. Your money that goes to interest and debt repayment could be used in much more enjoyable ways. Imagine what you could do with an extra $500 every month?   Reducing your debt load is a worthwhile pursuit and will improve your quality of life.

Get out of Debt Playbook 

With the high cost of living, compound interest charges and constant opportunities and competing demands for your money it can be very difficult to actually pay down your debt.  Debt reduction won’t just happen on its own, if you keep doing what you are doing, you will likely remain in debt for a very long time. To make progress to achieve this goal you need to be proactive and take the right steps to get control of your finances and work at reducing your debt.  To succeed It is firstly crucial that you are committed to meeting this goal. Without commitment it is doubtful you will actually change your behavior. 

Everyone’s situation and opportunities to generate funds to reduce their debt is different. For most people there will not be just one single thig they need to change, but rather a whole series of steps they need to go through that combined will make a significant reduction to their debt level.  It took a while to get into debt and it will take a while to get the debt paid down. 

Working with a licensed Insolvency Trustee

Sometimes the debt problems are so severe you cannot solve them on your own.  If you have a lot of debt and no realistic plan to be able to pay off the debt on your own, over a reasonable time frame, then it is time to contact a Licenced Insolvency Trustee (Trustee) and learn about your legal options.
A Trustee is a debt specialist, licensed by the Federal Government, that can advise you on all the possible options to solve your debt problems and give you access to legal ways to reset your debt and give you a fresh start.  The Federal Government has created these legal remedies to give debtor’s a second chance and a way out from an impossible financial situation so they can move forward with their life.  Debt does not have to be a life sentence.  

In my opinion, the worst thing that can happen is if someone needlessly struggles for years and years in a financial mess that is hopeless for them to resolve.  Excessive debt levels cost you much more than just your paycheque.  Debt worries cause stress, health problems, destroys relationships and sometimes even cause people to take their life.  Allowing debt to stop you from living your best life is a tragedy and totally unnecessary. Get debt smart, make good financial decisions and you will have a much better financial future.