How long does it take to get rid of debt?

Years, depending on the amount of debt a person has. Unfortunately, debt seems to be the norm nowadays, with more and more people getting used to buying now and paying later. The sad news is that as this trend continues, people find themselves struggling more with payments as well as answering their daily needs.

This is why taking the first steps to get rid of debt even before the problem becomes too big is crucial. But how to do it?

Following are some of the most effective ways to get rid of debt and finally live a liability-free life.

Liquidating Assets

Unnecessary assets like a rarely used car or a second phone may be sold and used to pay off outstanding bills. This is the most obvious choice for people who want to slash off their credit card bills or loan but is seldom picked.

Take a good look around the house and see what items can be sold off without any repercussions and think about how good it would feel when the creditors finally stop calling.

Talking it out When the creditors start calling, the biggest mistake a person could make is dodging them. At this point, creditors are not looking for the payment itself but the assurance that the money will be paid in the future.

Hence, talking it out with them is a good idea. Perhaps asking for a lower interest rate or decreasing the amount of monthly payments may be received with a positive feedback. One never knows unless he tries so might as well drop by the creditor’s office and try to reach a compromise.

Going to a Third Party for Help There are two ways a person in debt can ask help from a third party. The first is by applying through a loan consolidation company that would provide an affordable interest rate as well as friendly minimum monthly payments. This would help individuals settle their high-interest debts and merging their liabilities into one payment each month.

The next would be enlisting the help of a credit counselor who would study one’s financial status, create a comprehensive plan and help a person put it into action.

This choice is often not considered due to the fact that the credit counselor himself costs money which for some may look counter-productive. However, the truth is that some credit counselors accept different payment styles that may stretch through a few months so enlisting their help is not really that expensive.

For those who would like to save up on expenses with a credit counselor, then asking the help of a friend or doing it personally are also possible options. For couples, then preparing a debt management plan with a partner is also a common choice.

Declaring Bankruptcy

Bankruptcy is not a good option to finally be free from debt, making it the absolutely last resort for people who find them selves getting way over their head in debt. Hence, those who are contemplating this step must first try to exhaust all possible options before making a decision.

You can use all these strategies to save money and get out of debt but they will all mean nothing unless you can call upon someone you trust to get help when you need it. Access a debt relief expert in your area (for FREE) or to get some help now at:

Author's Bio: 

Dan Cavalli, an Australian businessman and Author. He is an entrepreneur and expert on small-business success and has a published International selling book: ‘Blueprint for Making Millions’.

Dan specializes in the creation of businesses and building them to full potential fast. His most noted success in business was where he started his first business from zero and built it to $140 million in 18 months. He has repeated similar results over the years and he now teaches people how he builds businesses extraordinarily fast with effective sales and marketing techniques. Visit Dan's blog at