Pulse.ng logo
Go

Personal Finance 3 simple ways to getting out of debt without hating yourself

Debt can prevent you from attaining your financial goals. Here is a simple guide on how to avoid it.

  • Published:
3 simple ways to getting out of debt without hating yourself play

Making more money and spending wisely can get you out of debt.

(Ebony)

Join the "sabi" clique. Don't miss a thing, get the latest updates to fuel your conversation daily

By signing up , you agree to our Privacy Policy and European users agree to the data transfer policy



Thank You! You have successfully subscribed to receive pulse.ng daily newsletter.

Being in a debt can be a very stressful experience. But no matter how stressful it is, you're still obligated to pay back the debt as at when due.

Here is a guide on how to get out of debt.

1. Assess the debt

5 steps to build a budget that works play Identify the people you are owing and plan on how to pay off your debt as soon as possible. (Thebalance)

If you are owing more than one persons, identify them and take stock of exactly how much you owe each of them. You’ll need to arrange your debt according to priority. You need to know which out of your debt is more important to settle first.

ALSO READ: 5 crucial steps you need to take to become financially independent

2. Get rid of whatever gets you into debt

Try these tricks if you want to save more money play

Don't make financial choices you might regret

(Pulse)
 

Paying off your debt is not enough, you also need to get rid of any habit that pushes or forces you to take a loan. If impulse buying is the main reason you always get into debt, it is important you stop it because it is the only solution to your chronic debt.

3 Make enough money to avoid debt

5 effective ways to deal with financial challenges play Get a side hustle and make more money to pay off your debt. (Debtfreeguy)
 

To stop yourself from going to friends and family members to borrow money, you need to look for other means to make more money. You can create a side hustle which would make you extra income, or you could sell old stuff around your home. This would help you pay your debt even faster than you expect.

 

Do you ever witness news or have a story that should be featured on Pulse Nigeria?
Submit your stories, pictures and videos to us now via WhatsApp: +2349055172167, Social Media @pulsenigeria247: #PulseEyewitness & DM or Email: eyewitness@pulse.ng. More information here.

X
Advertisement