Fast Forward: Can You Really Get Out Of Debt Quickly?

Much the same way you look skeptically at how hair can be sprayed out of a can and onto your head or that exercise DVD that promises results in 10 minutes when you can’t even get your body on the right track in the last 10 years, skepticism abounds when you clearly hear something that you’d call a bit of a head-scratcher. You tend to do this with money, too. More specifically, how you plan on saving money and climbing out of that pool of debt you went from wading into trying to keep your head above water. Plenty of websites, financial experts and others of that ilk argue that getting out of debt can be done quickly, and they’ll use buzz words like “quick” or “fast,” those buzz-worthy words that get anyone’s attention, particularly those people who are struggling immensely and don’t know what to do or where to turn. So the question remains, can you get out of debt quickly? The idea that it is going to happen fast isn’t that far fetched but also depends on how much debt you’re bringing to the table. If you’re talking about $50,000 in credit card debt, any financial guru would love to hear your definition of “quickly.” That said, if you’re battling a decent amount of credit card debt, you can start to do more than just chip away at it. Those who are serious about getting out of debt and rather the others who just toy with the idea will tell you specifically that they start cutting expenses in chunks and start pairing back how they spend money, such as buying clothes or eating out at restaurants on a regular basis. If you are absolutely set on setting your debt in the right direction and really want to emulate that “fast” moniker, you might decide to take a second job and take whatever is leftover as profit after you pay your bills and put it toward doubling up on a minimum credit card payment and they certainly don’t start adding new debt. What some do is add a credit car with a promotion, such as zero percent interest, and then make it a point that during that intro period, pay exactly the right amount so that it ends at the same moment your debt is paid in full (i.e. $200 per month on a credit card for 18 months, will take care of a debt totaling $3,600). So while the term “quickly” can be interpreted different ways, it all boils down to focus and budgeting, preparation and a penchant for sticking to a game plan to rid debt once and for all.