Reduce unnecessary spending to free up some money

If this step is all which is required to help you come with the money you need to comfortably reduce your debt then you’re lucky. It’s an ideal scenario though, but unfortunately it’s not a very common one.

Nevertheless, finding ways to cut down on your unnecessary spending can be as easy as tracking every penny you spend and then putting into place some measures to curb unnecessary cash outflow. Cook from scratch, for example, instead of eating out at an expensive restaurant and you’ll have some money freed up which can be redirected towards paying off your debt.

Debt consolidation

While this is perhaps just one step away from the credit provision services which got you into the debt you’re faced with in the first place, debt consolidation can help you on your path to escaping the shackles of debt. Basically a new creditor takes on all the debt you have and offers you a new repayment deal which will likely have lower interests, but naturally this means that you’ll be paying off your debt longer.

This at least frees some money up and effectively seeks to make the debt you owe more affordable to repay.

Crowd-sourced debt annihilation

Crowd-sourced debt annihilation is the most effective way to escape your debt once and for all, but it’s the most difficult route to take. This is because it requires self organisation amongst the masses, such as how a group of people who all owe the same creditor put money together to take over that creditor’s lending business, after which action they’d then cancel all the debt that applies to them and perhaps continue operating the business to make a profit from the repayments of the company’s other debtors.

Monetise your journey

I listed this component of the essential debt-escape plan last, but by no means does this mean it’s the least important. In fact, I only listed it last so that it’s the freshest in your memory as monetising your debt-escape journey in this way should be the very first step you take.

It’s as easy as documenting your journey, every step of the way. The best way to do this is perhaps blogging about it and you can use public blogging platforms like Google’s Blogger if you want. The finances is a very hot niche with lots of advertisers queuing up to give you their advertising dollars, so tell your story as it unfolds on your Blogspot and add Google AdSense advertising channels on it as a start.

Advertising dollars can be brought in via various other means in addition the Google Ads (the Google Ads admittedly pay some of the lowest advertising rates around, but then again these are earn-per-click ads). You can embed affiliate links to the likes of debt consolidation companies that pay rather handsomely for referrals, as one of many channels through which your documented journey can generate advertising dollars.

The key is to keep things real and authentic – that’s the type of content which converts.