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It seems like everyone is trying to tackle their debt and becoming a lot wiser about making financial decisions. No one wants to be spending a large chunk of their wages on paying off debt every month, but it can seem like a never-ending cycle. If you’re determined to get out of debt, here are a few ways you can get there a lot quicker.

How to Get Out of Debt in 3 Years

Change Your Car

A young American couple was in the news recently because they managed to wipe out half a million dollars worth of debt just by making simple changes to their lifestyle. One of the changes they made was to trade in both of their brand-new cars for smaller, more economical cars that were fine for getting them from A to B. They saved money on the loans they were paying, gas money every month and car insurance. Changing your car could do the same for you.

Eating Habits

When you come home from work after a busy day, the last thing you want to do is cook a meal. Many people either end up ordering a takeaway meal, eating out at a restaurant or cooking quick and easy microwave meals. All of these options are a lot costlier than home-cooked meals. When you want to get rid of your debt quickly, the extra energy you use at the end of the day to cook could save you a substantial amount every month. It’s surprising how much money the average person spends on ordering from restaurants.

Your Utilities

Most people are using the energy they don’t need while at home. It’s easy to leave the heating on when you don’t really need to, along with the lights and the water running. If you only used the essential amounts every month, you’d probably find you save a lot of money. When the weather is cold and you don’t want to turn the heating off, you could invest in infrared panels instead. Infrared panels only heat the panels and people in the room, rather than heating the entire room like central heating. Once you’re warm the panels can easily be turned off, saving you a small fortune on your heating bills.

Credit Cards

Credit cards are an easy way to build up unaffordable debt. They may seem a good idea when you start using them, but many people tend to forget about the interest they have to pay. The more you spend, the more interest you’ll need to pay off. It can make paying off credit cards near to impossible, especially if you’re unlucky enough to go through an illness or lose a job for a period of time. Paying more than the minimum amount each month and only using a credit card for emergencies is the best way to solve that debt.

Don’t Add to Debt

It may sound like common sense, but not adding to existing debt is difficult. It seems like the more debt you’re in, the more money you’re offered by lenders. Being disciplined and making wiser choices with your money will ensure you don’t end up in the same situation again.

How to Get Out of Debt in 3 Years

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