The new year is here, and with a new year comes new goals. With all the spending consumers do throughout the holidays, it can be easy to accumulate debt. If you were in debt before the holidays, you may find yourself in way over your head with the extra debt you’ve accumulated over the last few weeks.
If that is the case for you and you happened to over-spend this past holiday season, don’t stress! We’ve got you covered.

You should know that getting out of debt requires a clear plan and understanding of your unique financial situation. It is vital to take the right, logical steps and create a plan that will help you climb out of debt. This means that certain tools and strategies need to be employed. By paying down debt, you can gain financial freedom, save money, and improve your credit score. Here are some tips and options you can consider to get out of debt in 2019.
Start With a Budget
Your budget should consider income, debt, and expenses. Here’s how to get started:
1. Write down your income and any extra money you have coming in
2. Track your spending (bills, expenses, etc.)
3. Track how much money is left after paying all your expenses
4. Cut unnecessary expenses
5. Set goals (i.e. paying off debts or saving for a home)
Pay Down Debt
It is wise to start paying off balances with the highest interest rates, which will save money in the long run. It is also important to pay more than the minimum balance on each debt and to consider other forms of income or extra money that can be used to pay towards these debts. Borrowers can also consider calling their credit card companies and asking for lower interest rates. Many people don’t know that they can call their credit card issuer to negotiate or ask for a lower interest rate.
High amounts of credit card debt can accumulate more interest than you think! For example, a credit card debt of $30,000 with a 20% interest rate can accumulate to $10,800 + of interest in only one year, where as a home equity loan interest rate at 6.99% would cost you significantly less, only $2097 in interest in one year which is over $8000 in savings! Home Equity loans can save you money andgive you access to a much larger amount of funds.

Cut Expenses & Spending
Cutting monthly expenses and unnecessary spending gives people extra money to pay off bills. Don’t spend unnecessarily and try to avoid impulse buys. This will require a lifestyle management.
Another great way to cut your expenses is through shopping sales. Check your local newspapers or flyers for deals on groceries, and if you plan on going shopping at the mall, try to look for special deals that can save you money on essential purchases.
You should also make the best of coupons. Save the coupons you get in the mail, sign up for newsletters that send monthly promotions, coupons and giveaways. These are all great ways to save money and cut extra costs that add up at the end of each month.
Consolidate Debt
Consumers who have multiple debts may want to consider debt consolidation, which involves debt consolidation lenders taking multiple debts and consolidating them into one loan with one monthly payment, often with a lower interest rate. Debt consolidation loans help to simplify finances, save money through reduced interest rates, and can help people manage and pay off debt faster.
Consider a Home Equity Loan
Homeowners who want to consolidate their debts also have the option of paying off their debts with a home equity loan. This is done by using the available equity in your home as collateral to pay off the debt. It is considered a safer option because it is secured by a person’s home.
To qualify for a home equity loan, lenders will take many things into consideration, including the property value and the loan to value ratio. A home equity loan can be a great option if you’re a homeowner and looking to consolidate debt fast.
We can approve home equity loans in only 30 seconds! And we can get money into your bank account in just 48 hours with no credit check or income verification required! If you’re curious about how much equity is available in your home, try out our home equity calculator here.
Contact Us Today
Contact us today for help consolidating your debts. We can give you the advice you need to manage your debt and improve your finances. Whether you want to consolidate credit card debt, inquire about a quick home equity loan, or find out how to improve your financial situation, we are here to help. Let us help you reach all your goals in the new year by setting up a debt consolidation plan that works for you and your financial goals.
Manage your debt in the new year the right way. Contact us today, and click here to get a