How to Get Out Of Debt Fast

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When you are in debt, the one thing you want to know is how to get out of debt fast so you can relieve the stress and burden it brings with it.

You can get out of debt fast by utilizing one simple trick: stop accumulating more debt! The best way to do this is by cutting up your credit cards!

Yes, I know this may seem easier said than done but trust me, there is a reason this works and I’ll share with you some more information.

What Is Debt?

Debt is money borrowed and owed by one person to another. This can be owing money to a bank, family member, friend, credit card company or any other resource to obtain money that is borrowed.

So, any time you have access to obtaining borrowed money, such as through the use of credit cards, you obtain debt.

This is money you do not own and that is what gets most people into trouble.

People borrow debt for various reasons but the issue lies with the money being borrowed because most people don’t have piles of cash lying around and that is where people begin to borrow more, get further into debt and cause themselves great stress and financial troubles because they just try to work to repay back the money they once borrowed.

One Simple Trick to Relieve Debt

When you’ve decided you’ve had enough of being tired, sick and overwhelmingly stressed about your finances, that is when you turn to relieve yourself from the debt.

The hardest part is telling yourself “NO”.

No to using more credit cards

No to accumulating more debt.

The simplest way to start is by cutting up all of your credit cards and walking away.

What would happen if you no longer had access to that line of credit or credit card that promises travel mile points?

My guess is, you’d have to pay cash, right?

You’d have to learn how to budget your money to be able to afford the things you want in cold, hard cash. Cash you have earned.

In return, this idea and mentality is EXACTLY what helps you get out of debt faster.

It all starts with you cutting up those plastic cards full of lies (debt) and you begin to get your finances in order.

You begin living on YOUR terms, YOUR money and not somebody else’s.

One day when you are out of debt and no longer worrying if you paid the minimum payment on American Express, you can be more focused on paying yourself (save money). More importantly, you’ll remember this day as the day you stood up to your debt and said “NO MORE!”

How Do You Cut Up Credit Cards?

To cut up credit cards, grab some scissors and start cutting them up into small pieces. If you are worried someone may get access to the cards, separate the pieces into different garbage bags. You can also use a shredder to shred them or take them to a local bank or credit union to have them shredded.

What Do You Do with The Credit Card Pieces?

Throw them away! Trust me, they are no longer useful to you.

What if I still have a balance on those cards?

It doesn’t matter. Cutting up your credit cards doesn’t erase the balance on that card. I wish it were that easy but it’s not. You still owe the debt and interest and fees will still apply but you will no longer have access to using that card which is what you want.

Should I cut up my debit cards too?

No, debit cards are not credit cards. Using debit cards is like using cash, it’s just easier to carry a debit card than cash for some. However, if you are in the habit of over drafting your debit card and checking account, it may be wise to cut up or put away your debit card and stick to using cash.

I Did It And You Can Too

About 8 months ago I finally decided it was time to cut up our credit cards.

I took all the ones out of my wallet (even the ones with balances on them) and shredded them in my paper shredder.

I did keep one that was entirely paid off and had a decent limit as an “emergency use only” card but that card is locked away in our safe. While I don’t intend to use it ever, I know there may be a time when I have no choice and that is what that card will be for.

As for the rest of the debt (credit cards), they are cut up and completely unusable.

Doing this has allowed me to be laser focused on our budget, getting us out of debt and putting us in a situation where we are not slaves to the lender.

I believe true wealth is being able to afford to do the things you love in life and you can’t do that while you’re in debt.

Trust me, if I can do this, you can too.

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