Is debt weighing you down? Once you realize the effects of consumer debt, you will want to get out of debt as fast as possible. However, it will take effort and determination on your part. Listed below are tips on getting out of debt:

The first step is to understand how much debt you’ve acquired in the past. To do so, you must contact your creditors to verify your obligations. Then, check your credit report. You may want to pay attention to any accounts that might be delinquent and any that have been sold to collection agencies as these will be the ones you’d want to handle first.

Next, you should check for errors. If you notice that your creditor made an error, don’t just stand by- contact the reporting agency and file a formal complaint. The process will boost your credit score and improve your morale tremendously.

Be honest.

Now that you have the information, stop hiding from your debt. Face the situation and come to terms with it. Hiding will not make it disappear. Accept the fact that you are in debt. Stop paying for crap you can’t afford. Instead, focus on paying it immediately. Be committed to being debt free right away.

Commit to paying with cash only.

An excellent way to show your determination in getting the debt chimp off your back is to stop charging more debt and paying cash as well as saving for items that you can’t buy today. By using cash, you’ll never pay extra interest and won’t add to your existing debt load. You will also be able to save for a gift you’ve been wanting to give your loved one. Moreover, you’ll feel completely proud and excited that you paid for your item outright.

Never ignore your secondary creditors completely even though it can be argued that paying them is not as important as paying your priority creditors

Write them a letter explaining your plight and ask for payment deferrals. Inform them that as much as you want to pay your debt, you are unable to do so right now. Ask them to waive additional fees and or lessen your interest rate to 0% during the deferral period.

Getting out of debt fast is not difficult if you apply these strategies and remain consistent.

One way that you can show your commitment to getting the debt chimp off your back is to stop charging more debt. This means paying cash and actually saving for stuff that you can’t buy right now.

By using cash, you’ll avoid paying extra interest and won’t add to your existing debt load. In addition, you’ll feel very proud and excited that you paid for your item outright.

Do not ignore your secondary creditors completely – Even though it can be argued that paying your secondary creditors is not as important as paying your priority creditors, you should not ignore them completely.

Write them a letter explaining your situation and ask for payment deferrals. Let them know that you intend to pay your debt but currently you are unable to do so in a timely manner. Ask them to waive any late fees and or reduce your interest rate to 0% during the deferral period.

Getting out of debt fast is not difficult if you apply the above strategies and remain consistant.