September 27, 2023

Are you facing debt stress?

You’re not alone. According to a report from the New York Federal Reserve, in the second quarter of 2019 household debt increased by $192 billion. In fact, the amount of household debt actually hit $13.86 trillion – which is a new record for household debt, beating the old record set at the time of the 2008 financial crisis.

Here, I am sharing ways to get out and stay out of debt. It is difficult to get out of debt. Sometimes it takes everything you’ve to keep up with monthly bills and save for a rainy day. But if you simply pay your creditors the minimum amount due, you risk getting trapped in debt, and it may be difficult to get out for several months or even years.

Get Out And Stay Out Of Debt

How to Get Out And Stay Out of Debt With Frugal Living Smart And Shopping

Create a Budget

If you don’t have a budget, then you might not realize you’re spending more than you earn. Track your expense. Try to reduce your spending on non-essential items such as entertainment, shopping, etc. Try to think of creative ways to reduce your daily expenses, such as carpooling, taking a taxi to work, or consuming home-cooked meals instead of ordering takeout. Use the calculator app on your phone while you browse the aisles to be sure you’re staying within your spending limit. It is an excellent way to get out and stay out of debt.

Reduce your interest rates

Paying less interest means that a larger portion of your payment goes toward reducing the balance. For example, let us assume that you had a credit card with a $5,000 balance and an 18% interest rate. You’ll pay approximately $70 a month in interest.

If you deposit a $100 payment to that account $70 will pay the interest and $30 will be used to reduce your balance. It is another great way to get out and stay out of debt.

Identify the problem

If you use several credit cards and have reached or are about to reach your credit limit on one or more of them then you are likely to be in debt. when you are unable to make regular payments on your debts and it appears that you won’t be able to do so soon, it becomes a debt trap.

Make More Money

Increasing your income isn’t as simple it takes more than just working harder or landing a better job. Everyone would switch jobs and make more money until they didn’t need credit cards at all. It is the best way to get out and stay out of debt.

Benefits of increasing your income

Increasing your income can provide you with several benefits, including:

Reducing your stress: If you may feel regarding your ability to manage your money then increasing your income could reduce your pressure.

Helping you meet goals: Making more money is easier to pay off debt or save money for future purchases. When you make a plan to earn more income then you want to boost your short-term and long-term goals.


In this particular article, I am sharing the ways to get out and stay out of debt.

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