4. Find new ways to save or even make money

Become a savvy shopper. Cut coupons if need be and watch for deals online or in publications. Cut down on extravagances. Eat dinner in more, go to a matinee instead of an evening film and look for discount tickets to entertainment events. Websites like Funcheap.com and Wisebread.com can be very useful when you’re trying to find something to do that doesn’t cost much money. If you have any assets that you don’t need (electronics, jewelry, cars) sell them on eBay or through another venue. Take that money and pay it to your lenders and credit card companies.

The basics of getting out of debt aren’t complicated, but they do certainly take some self –restraint. Don’t get discouraged if it takes a while to get out of debt. You’re not alone. Americans are in nearly $2.4 trillion of debt, which averages out to $7,800 for every U.S. citizen. If you’re already on the path to paying back your debt, you’re doing better than most people.

3. Negotiate, negotiate, negotiate

We’ve mentioned this before when it comes to payday lenders, but the same goes for any debt. Get in touch with your lender, and figure out a plan that works for both of you. Whatever you do, don’t stick your head in the sand and pretend the problem doesn’t exist by not answering the phone or your mail. If you do, you may find yourself in a much more uncomfortable situation face-to-face with a large and intimidating debt collector! No one wants that. The loan and credit card companies you owe money to certainly don’t. They want their money back, so they’re usually willing to work with you to find something realistic for your budget.

1. Get organized!

This step always seems to come first with these matters, but that’s because it’s essential to the process. Know exactly how much you owe on what. Figure out which credit cards and loans are charging you the most interest, and create a realistic budget for your monthly expenses. This can be as simple as an excel spreadsheet where you enter in your monthly purchases and bill payments or as complex as buying specialized software like Quicken to help you manage your budget.

Advice for payday loan borrowers – tips for getting out of debt

While we know most of you are responsible borrowers who pay back your payday loans on time, we realize that some of you may have other forms of debt that are weighing you down and keeping you from achieving financial success. This could be credit card debt, student loan debt or other personal loan debt. There is a way out, but as usual with financial concerns, it takes time and discipline. Here are a few bits of advice to get you started.