If you're like most Americans, you have some debt. You live reactively to situations and don't really think too much about the money spend. Being in debt is tough. It doesn't give you any flexibility and if an unexpected expense comes up and you don't have the means to pay for it.
If an unexpected expense does come up with no means to pay for it, consider using a Texas car title loan to get back on your feet. The money can be in your account in less than 24 hours with no credit check and up to 42 months to pay it back.
The first thing you need to do is stop acquiring debt. This might sound simple but it's hard for most people to do. One of the reasons your debt is out of control is because you keep acquiring it. Cut up your credit card. I've heard all the excuses in the world on why "you need" your credit card but the fact of the matter is they are what is getting you into trouble.
After this you want to cancel all reoccurring payments to your credit cards. You need to stop using credit. Switch you payments to your debit card and keep other payments cancelled that are unnecessary.
Next you need to call up your credit card companies and try to negotiate rates down. If you do some comparative research online, you can find out what other companies are charging and use that as ammo. Some companies with lower your rates and others won't, but it's worth a shot.
It might sound counter intuitive but you need to start saving money before you pay down your debt. You need to break your dependence on debt and by having money saved up you won't need to use a credit card if your car breaks down or you need to see a doctor. Start with $1,000 for now. After you pay off your debt you can work on saving more.
A debt snowball is simple. You take your budget and calculate how much money you want to allocate towards paying down debt. Then you make the minimum payments on all your credit cards except the one with the smallest balance. The reason you do this is so you can start seeing results faster. After you pay off the first credit card move on to the next card while spending the same amount you had allocated before. You will be surprised at how fast your debt will be paid off using this method.
Remember, you need to spend less than you make and always put money away or, "pay yourself first." By getting into a frugal habit and having money set aside, you'll never have to go into debt to pay for unexpected expenses. You should even be able to put some extra money away pretty quickly for vacations and what not.
If you haven't prepared for an unexpected expense and you have bad credit, a car title loan in Texas might be right for you. You have 42 months to pay the loan back and if you are able to start getting on track sooner than you expected then you can pay it back early with no prepayment penalties. Give us a call to find out more or you can read more about it on our Texas title loan articles page.