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How To Get Out Of Debt In 6 Months

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So, you’ve found yourself in debt? And you’re struggling to get it back under control?

YOU’RE NOT ALONE.

With the ease of obtaining credit cards and loans, many people are spending money they don’t have and racking up large debts with speed. In fact, recent statistics show that approximately 80% of Americans are in debt and the amount of debt is also on the rise. It’s time we all get out of debt!


Unfortunately, debt can create a number of mental health challenges, potentially creating stress, anxiety or depression. The negative side effects of debt can also include relationship breakdowns, bankruptcy and eviction.  It can be hugely important to get out of debt quickly & learn how to avoid unmanageable debt in the future.

So, let’s start by looking at some of the reasons why people get into debt in the first place.

Debts can accumulate for a number of reasons, including unexpected expenses, underemployment or reduced income, divorce (and other big life changes), or lack of savings. However, a very common factor which leads to debt is simply bad spending habits! We live in a “more, more, more” society and it can be a costly exercise keeping up with everyone else. It can feel essential to buy the latest iPhone, wear the latest fashion, upgrade cars and homes, attend all the social events and go on epic holidays.

As a result, many people feel compelled to spend money they don’t yet have. Or, they don’t budget properly and simply don’t realize they’ve overspent until it’s too late.

Once debt builds up, it can be difficult to climb out of.

Did you know that the Average American debt payments in 2022 is 9.5% of their income? This is quite shocking and definitely requires some review.

The average American spends more than 9% of their monthly income on debt payments. Despite debt overall increasing, Americans are still spending less of their income on debt than nearly any time in the past 25 years.

This drop could be related to debt relief programs and other allowances made for coronavirus-related income loss — though it could also indicate that consumers have paid off their high-interest debts.  For more details and statistics on these rising debt numbers and an explanation behind each of them, click here. 

But for now, lets explore a few of the reasons why people tend to stay in debt include:

If you’re ready to take control

& get out of debt,

we’ve created a 10 step guide to help you!

 

Download your free guide and learn how to get out of debt in 6 months!

CLICK HERE

We hope you enjoy using this guide and taking some positive steps towards financial freedom

 

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