This post comes from partner blog The Dough Roller.
Here is one of the most frequently asked questions in all of personal finance: "How do I get out of debt?" At one level, eliminating debt is simply about following a few steps:
- Stop going into more debt.
- Spend less than you make.
- Pay off debt with the difference.
If you follow these steps, eventually you'll be debt-free. The problem is that following these steps isn't always so easy. And to make matters worse, there is a lot of "help" out there that can make matters worse. From debt-consolidation companies to books like Kevin Trudeau's "Debt Cures," which I wouldn't recommend to my worst enemy, there are a lot of promises being made that getting out of debt is easy. It's not.
In fact, tackling your debt may be one of the hardest things you'll ever do. You have to control your emotions, which can play a big part in how we make financial decisions. You have to educate yourself about everything from home loans to credit cards to credit scores. And you have to discipline yourself in the way you manage and spend money.
The fact is that controlling your spending and paying off your debt is not an easy thing to do. But the good news is that you can do it. If you want to be debt-free bad enough, you can make it happen.
To help you reach your goal of being debt-free, I've assembled a list of 23 tips and tools. If you know of others, please leave a comment at the bottom of this post.
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