12 Ways to Get Out of Debt
By The Money Manual Debt comes in many sizes and various guises – all depressing. To get out of debt, the best method is a combination of strategies based on your needs and situation.
Below you’ll see a broad range of options from credible companies that cover big ticket and small ticket items – which can be combined to help you get back into the black.
And all these debt-busting opportunities are actionable from the page.
Let’s take a look.
Can You Really Tap Into Big Money This Easily? Yes
If you need cash — let’s say a lot of cash — the thought of taking out a traditional loan with a high interest rate is daunting (to say the least).
If you own a home, there is another option.
Hometap will give you a lump sum of money in exchange for a share of your home’s future value.
It’s called home equity investment. Unlike the similarly sounding home equity loan, you don’t have to make monthly payments.
Wait! What?
Yes, it isn’t a loan. Hometap invests in your home’s value, so that when you sell your home down the line, it takes a share of those proceeds. Here’s how it works:
- Request an investment (up to 25% of your home’s value or $600,000 max)
- If Hometap agrees it will send you the money (deducting 3% closing fees)
- That big ticket cashout is all yours to use in any way you wish
- When you sell your home, Hometap gets an agreed percentage of your home’s value
- If the value of your home goes down, Hometap as an investor will share in the depreciation
If you need cash and own your home, this is definitely something to consider, because you won’t be taking on debt.
Check out Hometap here.Have $10K+ in Credit Card Debt? No Sweat
To put it plainly, being in debt sucks. It can feel like a weight around your neck, preventing you from enjoying life and achieving your financial goals.
We know things may feel hopeless right now, but we have good news. Whether you have credit card debt, personal loans or other unsecured debt, TURBODEBT can help. It connects borrowers with a debt relief program that endeavors to best suit their unique needs.
- Answer a brief questionnaire to help TURBODEBT understand your situation
- Receive a free consultation with a representative about your debt relief options
- Choose the one that’s best for you and move forward
Yes, it’s that simple.
Get your free consultationIs There Really an Easy Way to Rocket Your Finances Upwards?
Being FREE is a great start for a financial app offering budgeting features designed to budge your finances into the black, before helping send them skyward.
Rocket Money helps you:
• Monitor your income and spending
• Set savings goals
• Identify ways to trim your budget
• Sync to your bank accounts
You can ease your way in free and possibly stay there; or opt for the Premium version at between $4-$12 per month. And even that comes with a 7-day free trial.
• Custom budget categories
• Automated savings
• Credit report and net worth tracking
Heavily reviewed as easy to use, it also has notifications on tap (as you choose), clever savings goals that are simple, and a bill negotiation service on both free and Premium platforms!
Rocket Money boasts an Excellent! rating on Trustpilot based on over 4K reviews.
Check out Rocket Money here.Save Money on Home Repairs in 1 Smart Move
When it comes to being a homeowner, the expenses don’t end at mortgage payments, property taxes, and insurance. There’s also the often-overlooked cost of repairs, which can wreak havoc on your finances.
According to a survey by the insurance company Hippo, homeowners spent an average of $6,000 on repairs back in 2022.
Unfortunately, normal wear and tear repairs are not covered by homeowners insurance. So how do you keep those high out-of-pocket costs from bankrupting you?
Choice Home Warranty is a trusted leader in home warranty coverage. Their service contracts can help cover repairs for major home appliances and systems. A typical plan can cover things like air conditioning, heating systems, plumbing systems, water heaters, garbage disposals, dishwashers, stoves, and so much more.
So instead of paying one large lump sum for every major repair, just pay a low monthly premium.
Choice Home Warranty has a nationwide network of over 25,000 contractors, covering more than 1.9 million homes across the country, and have handled more than six million service requests.
Since 2009, Choice Home Warranty has received more than 20,000 five-star reviews and has been rated the best home warranty four years running by U.S. News 360 Reviews.
And you can get your free quote in minutes, with first month free when you sign up.*
*With purchase of single payment plan. The product being offered is a service contract and is separate and distinct from any product or service warranty which may be provided by the home builder or manufacturer
Don’t Sweat Debt, Shed It – Stress-Free
For a big ticket item like debt consolidation it helps to find a company that has an “Excellent” 4.3 Star-rating on Trustpilot.
Like AmONE.
AmONE brings the top lenders to you, so you can quickly decide who fits your needs best. They also have U.S. based specialists to walk you through the debt consolidation process in basic steps:
- Turn several high interest payments into one easy payment.
- Forget all those “due dates” that cause stress and irritate.
- Pay your debt faster at a single, lower interest rate.
And they answer specific questions you need to raise. Strict confidentially is another reason so many people like them.
Not only that, they give you all the pros and cons and make sure you’re making the best choice for YOU.
Debt? No sweat.
Care to Shrink Your Auto Insurance Bill by $961.00?
It’s recommended that you compare car insurance rates periodically. In a few years time, rates at competing companies can change. So if you’ve stayed with your insurer for years, other drivers in your area could be paying less for the same policy.
How can you know for sure? Check with Experian.
Quickly compare your current coverage to rates from other providers for your area. No endless searches or phone calls – just fill out a quick questionnaire and get a personalized list of quotes.
And if you find a better deal at a different car insurance provider, Experian will help you switch and cancel your current policy.
You may even get a partial refund on your previous plan.
Experian has helped drivers save an average of $961 on their annual car insurance bill. Just think about all the ways that money could be used.
Debt? No Sweat
The Money Manual is all about keeping things simple and finding trusted companies with high Star-ratings to work with.
For the offers above, consider your needs and the things you like. If it’s games and surveys, for example, consider downloading multiple free apps and keeping an eye out for new deals and offers that pay out the most. Combining these types of apps can be rewarding as well as lucrative, helping you save money while cutting subscriptions used for down-time.
That’s right – you can make money where you used to spend money, all while relaxing.
Think about it.
So let’s round out with some additional tips on saving money, to complement your new means of making or gaining money.
Save Money to Make Money
The smart way to start saving money simply is to set a budget.
This helps you track your income and expenses, ensuring you spend within your means. By identifying unnecessary expenses, you can cut back and allocate more funds to your savings.
Another important method is to set specific financial goals. Whether it’s saving for an emergency fund, a vacation, or a big purchase, having clear objectives can motivate you to save consistently.
Automating your savings can also make a big difference. By setting up automatic transfers from your checking account to your savings account, you ensure that a portion of your income is saved without you having to think about it.
Additionally, taking advantage of high-yield savings accounts or other interest-bearing accounts can help your money grow over time.
Lastly, minimizing debt is crucial. Paying off high-interest debts quickly and avoiding new debt can free up more money to save and invest.
Saving in a Nutshell
- Set a budget: Track your income and expenses, then cut back.
- Don’t sacrifice: Find the best free ways to make money during downtime.
- Define financial goals: Establish specific savings targets.
- Automate savings: Set up automatic transfers.
- Use high-yield savings accounts: Shop around for great deals.
- Minimize debt: Pay off high-interest debts first and avoid new debt.
A penny saved is a penny earned, as somebody very wise once said.
Now let’s focus on getting back into the black!
