How do you get out of debt? Well, this will depends on a few factors and those are how much your income is per month and how much do you have left to pay off your debt and how much debt you have. If you owe $5k and below then you might want to consider paying it off but if you owe above $10k then you might want to let it go if you don’t make enough money to pay for all of your living cost plus paying off your debt. Debt interest can accumulate very fast and late payment fees can accumulate very fast too. You will end up barely paying interest fees and late payment fees.
It’s kind of brutal with credit card debt. It’s hard to get out of it. You would have to just default it or just file for bankruptcy. These are the way to get out of the debt and regain your credit slowly because an average person can be stuck with so much bills already and paying debt would be too difficult. I have known a lot of people who are in debt and it’s hard to get out of it unless you make a lot of money or if someone loan you the money but other than that you will most likely ending up filing for bankruptcy or just defaulting your debt. You can regain your credit later eventually but with bad credit, it’ll be difficult to buy a house or just to apply for loans. However, when you owe way too much and you make an average income, it’ll be hard to pay it off and stay on top of your current bills too.
You have to learn how to stay away from debt and also to manage your finances properly so that you don’t borrow too much. Borrowing too much is never a good idea because of interest and repayment. It’s better to be frugal and to live within your budget instead of loaning for everything and then ruining your credit over it. You have to start out fresh. If you have not accumulate any large debt then don’t start either as it’s not the thing to do. Getting into of debt is probably the worst mistake that anyone can make. The average person doesn’t need to borrow that much anyway unless it’s for essential loans like college and homes. You should learn to pay thing with the money that you have and don’t go beyond your means. You should pay off a small loan or try to pay off a medium loan but if your debt is too high you should default it or file for bankruptcy as there is not a lot of options that would leave you happy. I think that the sooner you realize your ability to pay or not to pay then the sooner you can start your plan. If you pay for several month over a debt that you will give up paying then you have wasted your money.