It’s a common fact of life that the vast majority of people end up with some form of debt in their lives.
Some people might owe three-figure sums, while others might owe as much as the national debt of a small country!
You’re likely reading this article today because you want to free yourself from your debt.
But, you’re unsure of your options, or even if you have many choices.
The first thing to note is that everyone has choices in life – even when talking about dealing with debts.
The next thing to bear in mind is everyone – even you – can take practical steps to be free of debt.
Here are five examples of what you can do with your financial burdens:
1. Earn more money
If you’ve ended up in a situation where your salary doesn’t entirely cover your outgoings, one thing that’s within your power is to get a better-paying job.
When you earn more money, you can cover your debts and also pay them off quicker.
You might even find that you can earn more money by getting a second job or doing self-employed work in your spare time.
2. Set up a debt management plan
What should you do if you’re unable to earn more money?
One option is to organize a debt management plan. In a nutshell, this is where you agree to pay lower monthly installments to your creditors.
Debt management plans typically get set up with the help of debt charities and organizations.
But, it’s possible to organize one yourself if you’ve done plenty of research on the subject.
3. Look into a debt discharge program
You might not have heard about it, but there are debt discharge programs run by some companies that could work for you.
For example, some enable you to become a citizen of a different country while remaining in the U.S.
Programs such as DTSS’s Mark of Freedom help you to gain a better debt to income ratio and let you retake control of your finances.
4. Petition for bankruptcy
As you probably know, bankruptcy is a last-resort option for people that end up with unmanageable levels of debt.
The thing is, bankruptcy is a choice that thousands of people opt for each year.
Bankruptcy is a way of stopping debt collector calls and letters, and creditors from harassing you for payment.
Once you’ve completed your bankruptcy, there are no further payments that you need to make.
5. Sell all valuable assets
Last but not least, you could release yourself from the grip of debt by selling items of value that you own.
Doing so isn’t an easy decision as you might expect, but it means you can start a new chapter of your life.
Examples of valuable assets that you could sell include any vehicles, property, electronics, collectible and antique items.
Many people don’t realize they have things of value that can ultimately help them to clear their debt burden.