“Neither a borrower nor a lender be thou; for loan often loses both itself and friends”. – William Shakespeare, Hamlet.
For William Shakespeare the great literally icon, it is not advisable to be a lender or a borrower. Let us come back to reality, now that you are indebted to many creditors and are unable to fulfill your financial obligations to them, decency and common sense suggest you look for a way out.
Getting out of debt and staying debt free is a utopic state desired by many citizens, but is only being achieved by a few. Would you like to be among the few, what if I told you there are ways in which you can get out of debt and remain debt free for the rest of your life? Here are innovative strategies and ways that will deliver anyone whose mind is made up of the burden of debt and keep him/her debt free for the rest of his/her lifetime.
PAY OFF ALL DEBT:
The fastest way to get out of debt is to increase your monthly payment or better still use all your savings to offset your loans. BY increasing the amount you pay monthly on your loans you have automatically shorten the lifespan of such debt, which invariably gets you out of debt quickly. This can only be achieved if you have other sources of income and if it’s not going to be a further strain on your finances. The loan company i.e. your lender will be glad you did and it’s also worthwhile for your reputation and credit ratings.
RENEGOTIATE YOUR LOANS:
One of the cognitive skills every individual must master is the negotiating skills. You can negotiate your way out of an excruciating debt if you have a strong negotiating skill. Do not be afraid to approach your creditor, they would rather you pay a certain amount than have you bankrupt and then have nothing in turn. Approach your creditor, negotiate with them and be willing to concede some grants to them in terms of interest rate and amounts to be paid in other to achieve a debt-free status.
SAVE MONEY TOWARDS A STRATEGIC DEBT EXIT PLAN:
Permit me to use the old cliché; He who fails to plan, plans to fail. since the objective is to get out of debt and remain debt free as quickly as possible, developing a strategic debt exit plan wouldn’t be a bad idea. Having developed this plan, begin to save or put money aside towards executing these debt exit strategies. Evaluating your current financial status with a financial planning expert will uncover lifestyle changes that will put more money in your pocket; this of cause is an innovative strategy of staying out of debt.
When in debt, strategically think your way with the aforementioned ideas to get out of debt. It can be done and you can do it, work with a financial planning expert with expertise in debt management skills and you will in a short time get your heart desire i.e. getting out of debt.