Getting out of Debt: Ways to help Get Out

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There are tons of ways people get pulled under due to debt. It varies for every person at every stage of life but most people find themselves struggling to beat debt.Here are the top debt categories that usually affect everyone at some point in life:

Credit Cards
Credit cards are an easy way to get caught up in debt. Have you ever been to Target or Trader Joe’s and end up spending way more than you thought you would and just decided to put the bill on your credit card? If you haven’t, then I applaud you, because it’s all too easy for so many to stock their carts and not realize how easy it is to rack up $100or more. If you’re looking to cut back on your credit card debt, make sure you can pay off your full amount every month. If you have already dug yourself into debt, then look intoconsolidating your credit cardsunder the one with the lowest interest rate.
School Loans
Who knew after going to school that it would take years and years to pay back the education? Check with your loan provider regarding possible payment plans and deferment if you are in a sticky financial situation. They are typically good about working with people to pay back debts in a way that works for their budget.
Lifestyle
Frugality is a lifestyle. Living a budget-style lifestyle isn’t easy, but it’s something that’s rewarding when done correctly.People often lead a lifestyle that does not reflect their actual income. Things like cable, dining out, or going to the movies are “wants” that quickly add up if you’re trying to get out of debt. Cutting these “extras” from your spending, even on a temporary basis, can free up extra money in your budget every month.
Tax Debt
We see it everywhere, tax season is approaching. Sometimes, it’s easy to forget. After all, it only comes one time a year, so why worry the other 364 days, right? The USA Today wrote anarticle that said approximately 56 million people are missing out on about $1 billion (collectively) every year because don’t properly claim their tax refunds. A billion dollars! Not only that, people are in tax debt for money that didn’t expect to pay pushing them further in debt to the IRS, a place no one wants to be. If you fall into this category, research a reputable tax debt relief service to help set up a payment plan or to make sure your taxes are prepared properly. Community Tax is one example of this type of company that creates customized solutions for taxpayers and their various needs. It’s always okay to ask for help.
Habits
Our habits contribute to our debt faster than we realize. Are you one of those people who like to treat yourself to a Starbucks latte in the morning? How many times a week do you stop for this caffeine pick me up? A survey conducted by Accounting Principalssays that 82 percent of Americans buy coffee on a regular basis with costs averaging about twenty bucks a week. Take that times 52 weeks a year and that’s over $1,000 spent on coffee alone. Think of the other things you might buy out of habit or even good intentions: gym memberships you don’t use, impulse purchases like magazines or snacks at the check-out line, or popcorn at the movies can all add up and put a hit on your finances.

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