5 Key S.T.E.P.S. for Getting Out of Debt

There is no cookie-cutter solution for digging oneself out of debt, but if you start by following these general, easy to remember steps, as outlined by My Money, you’ll be on the right track. Take a look:

  1. “S” for Stop: stop taking on new debts, paying others to use their money and practicing bad habits that cause you harm.
  2. “T” for Time: take time to step back and figure out the big picture. Take the time to call lenders to negotiate the reduction of your debt and the time to make a budget plan.
  3. “E” for Execute: execute your plan. Keep track of spending and don’t create new debts.
  4. “P” for Protect: protect yourself and your assets by seeking professional help and support if your debts have spun out of control or your plan is not progressing fast enough.
  5. “S” for Smile: challenging yourself to face your debts head on is a very positive step. While getting out of debt will not necessarily be a fun experience, you’re heading toward a bright light at the end of the tunnel.

For more in-depth examples of each of the S.T.E.P.S., head over to 5 Key Steps for Getting Out of Debt.