Are you struggling to make ends meet at the moment? Would you like to turn your financial situation around and recover in less than two years? Then you need to develop a strategy using some of the suggestions from this article. The ideas below should work well across the board, and there is something for everyone. Depending on the nature of your situation and how much debt you have at the moment; you might have to choose more than one of the concepts below to ensure you clear your debt and achieve financial freedom. As you will discover, sometimes you have to think outside of the box to get the best results. Sure, you’ll have to work hard to achieve your goal, but you’ll get there eventually if you keep walking in the right direction.

Get a better job

The easiest way to clear your debt during the next two years is to increase the amount of money you earn each month. You can then use the excess to satisfy those creditors and get back to normal. There are thousands of online job boards these days where companies advertise their vacancies. Take a look at the qualifications and skills you have right now, and then try to work out where you might discover the best-paying roles. Maybe you would like to join a new industry or something similar? You can achieve anything if you impress the right people with your CV and during your interview. So, have confidence, apply for lots of jobs online, and make sure you always answer those calls when the employers respond. Hopefully, you will find the perfect job within only a couple of months.

Pay more than the minimum

If you have credit card debt, it makes sense to ensure you pay more than the minimum amount each month. You will clear the balance much faster than you otherwise would have done. For example, people with a debt of around $4,500 might have to make a minimum payment of about $100 each month. However, that would mean that person can’t clear their debt for sixteen years or more when you consider the interest charges. Now imagine that person decided to pay $150 per month instead of the $100 minimum. The consumer would get rid of their debt in less than five years. Now think about how quickly you could clear the outstanding balance if you decided to pay $200 per month. You get the picture, right?

Downsize your home

People with families might decide that downsizing their home is the best way to get a lump sum of cash and achieve financial stability according to Triton. If you’ve paid a reasonable amount of your mortgage already, there is a chance you could end up with tens of thousands of dollars in the bank when the deal goes through. You just need to find a new home that’s suitable for your family but only half the value of the one you’re in at the moment. You can then sell your property and buy the other house. Make sure you don’t let the money sit in your bank accounts for too long because you will waste it. Instead, you need to pay your debts straight away and ensure the creditors get their money. Real estate agents will help you to sell your home quickly.

Remortgage your property

If you love where you live at the moment, and you couldn’t imagine a life anywhere else; there is another option on the table. You could remortgage the property to gain a lump sum of cash from the bank. Lots of people do that every year, but most spend the money on extensions or renovations. Depending on how much equity you have in your home at the moment; you might get enough cash to clear your debts and pay for some improvements. It all comes down to the market value of your property and the size of your mortgage at the moment. For more information about whether or not remortgaging is the right path for you to walk, book an appointment to see your bank manager. They will take a look at your circumstances and provide you with some advice.

Get a consolidation loan

The experts at National Debt Relief and other organizations claim that more Americans choose consolidation loans these days than ever before. Here’s how it works. Let’s presume you owe three different creditors a total of $10,000. You have to make three payments every month, and so there is a reasonable chance you will forget one of them at some point. That will cause you to spiral more into debt. Thus, a consolidation loan will mean you only have to send one monthly payment, and it’s going to equal less than you’re paying at the moment. Of course, that means you continue to make payments for longer than you otherwise would have done, and you get into a lot of trouble if you miss a single date. Still, consolidation loans have become a lifeline for many people, and so you should consider them.

Sell your valuables

Many people spend their entire lives collecting expensive possessions like artwork or gold. Even more people decide to collect memorabilia like sports items and original toys. If you have anything like that at home; now could be the perfect opportunity to put those assets to good use. There are lots of professional auction houses all over the world where you could list your items for sale. You will always get a better deal on Star Wars figures and things like that at niche events where you know there are a lot of enthusiasts. Thankfully, most of those auction houses operate online these days. That means you can arrange listings, monitor progress, and collect your money from the comfort of your home. If you have anything of value, it doesn’t make sense to keep hold of it while your financial situation deteriorates.

Start a business

Becoming an entrepreneur and launching a new business venture is always a sensible move if you want to increase your income, so you have more money to clear your debts. The best thing about starting a business in the modern world is that you will find lots of opportunities for which you do not require an immense amount of investment. For instance, there are plenty of people who work online from home these days, and some of them earn a small fortune. Maybe you could become a web designer or something similar? You can find work on freelancing websites at the start, and you can then move away from those platforms once you have a decent portfolio. Employ others to do the same thing, and you’ll have a nice little company on your hands. You get the idea, right? The possibilities are endless.


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Take advantage of balance transfers

Lots of people seem to forget that credit card companies charge high rates of interest. So, even when you make a payment each month, it can often feel like you’re getting nowhere near the finishing line. However, it is possible to make sure you never pay a dime in interest in you’re smart. Credit card companies tend to offer 0% interest on balance transfers to new customers for the first twelve months. Take out a new credit card that provides that deal, and then transfer the balance from your old cards. You will only have to make the same minimum payments, but you will notice the balance starts to go down much faster than it otherwise would have done. That is a technique every single person who uses credit cards should employ. Take out new cards every twelve months and transfer the balance straight away.

Stop spending!

Lastly, and perhaps most importantly; you need to stop spending! The primary reason people get into debt is that they don’t have enough money for essentials at some point. However, once you start making payments each month; you soon discover you can get that money back (minus the interest) by using your credit card for purchases. That is something you need to stop right now. Cut up your cards if you think it will help, and make sure you start living within your means. Don’t take out any extra loans, and make sure every action you take is aimed at clearing your debts rather than adding to the problem. If you do that; you should find yourself on the road to financial freedom during the next two years.

To answer the question posed in the title of this article, yes; you can recover financially in under two years. However, you need to focus on the end goal and do everything within your power to work towards it. Use one or many of the suggestions from this post to create your winning strategy. Of course, if you can come up with any ideas not mentioned on this page; you should use them too. People who manage to clear their debts will notice they feel happier in their lives than they did in the past. You can also take a break from all that stress!


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