The first step to getting out of debt is to create a budget. You need to be honest with yourself about your income and expenses so you can see where you are overspending and how much money you have available for paying down debts each month. Once you have created a budget, it’s time to start attacking those debts!
One way to approach your debt relief is by utilizing the debt snowball method. With this approach, you list all of your debts from smallest balance to largest balance and make minimum payments on all except the smallest one, which gets paid off as quickly as possible. Once that one is paid off, move on to the next smallest balance and continue this until all debts are paid off. This method has been proven successful since it allows people to experience quick wins early on in the process which helps maintain motivation throughout the journey.