Slide shows how to get out of debt in five steps including, unsecured loans, medical debts, mortgage debt, car loan debt, and student loan debt brought to you by getoutofdebtguide.net

1. Get Out of Debt in Five
Steps

2.  Getting out of debt is easy. Pay off all your
debt. Simple right? Simple concept-tough
execution.
 Don’t be discouraged. Here’s a step by
step guide to getting it done. Your
situation will be different but you can
tailor it to your specific needs.

3. Step 1: Contact your creditors to
negotiate better terms.

4.  Whether you are behind in your bills or
not, you need to contact your creditors.
Now, not all debt types are open to
negotiation such as car, boat, RV, and
other secured loans. But, credit card and
medical debt are almost always prime for
getting better terms including better
interest rates on credit cards and longer
payoff terms for medical debts.

5.  Call your credit card companies and tell them
you would like a better rate. Also tell them to
waive any yearly fees. Tell them you will switch
to another company if they don’t. This works
sometimes, other times you may have to follow
through. With all the 0% interest deals out there
it will not be tough. **Note: If you are
delinquent are have slow pays, you probably will
not be able to get better rates, however, you
may still be able to get more favorable terms
elsewhere.

6.  Medical debts are easier to negotiate.
Most doctors will allow a repayment plan,
interest free, and at a low monthly
payment. Be sure to ask for a repayment
plan even if you have the money to pay it
off. Most doctor bills are interest free. Use
the extra money to pay off the credit
cards.

7. Step 2: Make a spending plan

8.  A spending plan is extremely important. So important in
fact that I am willing to bet that if you do not have a
spending plan, you will not get out of debt.
 So how do you do it? List all of your household
necessities (food, utilities, clothing, etc). What you need
to survive. Next, list all of your unsecured (credit card)
debts and their minimum payments in order from least
owed to most owed. Nest, list all of your other debts’
minimum payments. Then bring-home pay minus total
monthly bills=(money used to pay off debts). If you do
not have any left over then go back and cut more from
your necessities. Still none left over? Get a second job,
sell something, declare bankruptcy. Yes this is an option
although not recommended.

9.  If you do have extra money after
necessities and minimum payments. Pay
off the credit card or other non-secured
loan first. When that is done, pay off the
next, and next, and next until all non-
secured debt is paid off.

10. Step 3: Pay off car loans, boat
loans, RV loans, etc.

11.  Pay extra on your secured debts, excluding a
mortgage, until they are paid off. Start with the
one you would be most willing to sell. Now I am
not saying you have to sell your stuff but once
you start getting out of debt, “things” aren’t as
important as peace of mind. For instance, that
motorcycle you never have time to ride, isn’t fun
when you are struggling to make the payments.
Sell it and buy another when you can pay cash
for it. That’s how the rich do it.

12.  Now that all of your credit card debts and
car payments, RV payments, etc. are paid
off, you can go into super-payoff mode.

13. Step 4: Medical Bills

14.  If you don’t have medical bills, first, thank God,
and then go on to step 5. If you do have
medical bills, start to pay them off. Pay your
primary care physicians first. That vasectomy
can go to the bottom of the pile, chances are
you will not have to use that doctor’s services
again. Pay those bills you owe to your dentist,
chiropractor, physical therapist, etc. first.
 Once you’re done with the medical bills you can
move on to step five.

15. Step 5: Pay off your mortgage

16.  If you don’t have a mortgage, congratulations, you are
now done and debt free! Go celebrate.
 For the rest of us. Now is when life is going to change.
 Paying off your mortgage is a huge step. Take all the
money that you are saving each month by not having
credit card debt and pay down your mortgage. You may
even be able to refinance for a shorter term. Pay a little
extra on your premium each month and you can know
years off the length of your loan.
 Though not easy, getting out of debt is doable. Make a
plan and stick with it and before long you’ll be debt free.