Why You’ll Never Succeed At Debt Free Living — And How To Turn Things Around!

August 16, 2021 | Mason Roberts

debt free living

Crushing debt is an epidemic in America. The average American’s debt is a staggering $52,940, according to a Household Debt and Credit report from the Federal Reserve Bank of New York. The top reasons for debt include mortgages, credit cards, paying for college, and personal emergencies. 

So, if you’re struggling to achieve debt free living, you’re not alone.

Debt free living is one of the most difficult things to accomplish and maintain. Thankfully, there are elements of your life to reconsider to try to turn things around to get closer to debt free living. Your journey toward financial freedom can start today, including dealing with emergencies with a payday loan online.

Things To Do To Get Closer To Debt Free Living

Focus On Budget And Planning

You cannot get even remotely close to debt free living if you don’t consider planning ahead with a comprehensive and honest budget for yourself.

In addition to writing out the sources of your debt, complement that with a budget that realistically steers you to debt free living. List all major expenses that are both needed (mortgages, utility bills) and wanted (entertainment, streaming services) and figure out how you can start saving money to ease your debt burden. 

Create An Emergency Fund

If you live paycheck to paycheck, especially without money set aside for emergencies, debt free living will be forever out of reach.

Even a small amount of your monthly income set aside each month in an untouchable fund will help make a big dent in your debt over time. 

Revaluate Your Insurance (Or Get Some) 

Chances are you may be overpaying for the insurance you have — or you may be risking your finances with a possible particularly hard hit because you don’t have any insurance.

Take time to research the best options for your medical, car, and other forms of insurance and either adjust your current insurance lineup or sign up for insurance to fits into your goal to eventually experience debt free living. 

Consider Additional Sources Of Income

Even if you already have a full-time job, locating additional income sources that fit in with your schedule will gradually chip away at debt.

Look into some side hustles like food delivery, personal shopping, selling homemade goods, or freelancing. Debt free living will be in reach before you know it.

debt free living cut credit card use

Cut The Credit Cards

Credit card use is one of the top barriers to debt free living. It’s not impossible to use a credit card responsibly, but many people have many credit cards and struggle to either pay them off or meet the minimum payments each month.

Evaluate how many cards you need, commit to paying off a certain amount each month, and set a realistic goal for paying off your entire credit card debt. 

Set Specific Goals

Aiming for debt free living doesn’t necessarily mean doing without any relaxation or time for yourself. Yes, you’ll need to make some sacrifices. Yes, those sacrifices aren’t easy.

But you can create a budget that includes both setting debt-diminishing goals and individual goals like saving for a budget-friendly vacation or going out to eat at a fantastic restaurant once a month.

Pursue Lower Interest Rates

If creditors are calling you relentlessly, a good approach may be answering the phone and negotiating with them to lower your interest rates on items that are preventing you from reaching your debt free living goal. If you have had a good relationship with them over the years, they’ll likely work with you.

Consider A Payday Loan

Everyone copes with financial emergencies at some point in their life. One option to consider: online payday loans from Carolina Payday Loans, Inc.

Short-term help with a payday loan online can help you get into a better place to plan for debt free living.

payday loan online

What Is A Payday Loan Online? 

Payday loans are designed as short-term help for temporary financial emergencies, such as medical care, unexpected travel, or home and vehicle repairs. Payday loans of up to $550 are available through Carolina Payday Loans, Inc. and can take as little as 30 minutes to qualify for. 

What Do You Need For A Payday Loan Online?

Not much. All that’s required for a payday loan online from Carolina Payday Loans, Inc. is a driver’s license or government-issued ID, a blank check from an active checking account in your name, and your most recent pay stub.

Your credit situation does not affect your chances of qualifying. All types of credit are considered whether good or bad.

What’s The Process For Receiving A Payday Loan Online?

The entire process is very simple. You can start right here on Carolina Payday Loans, Inc. by filling out a brief payday loan online form (you can also visit one of our payday loan near me locations close to you or give us a call).

If you start online, a loan representative will give you a call to discuss the loan and answer all of your questions. They will also schedule a meeting with you.

Take the required items to the meeting for the representative to evaluate how much of a loan you qualify for and continue the application process. In as little as 30 minutes, you can receive the payday loan you need if your items satisfy the requirements! 

Payday Loans That Work For You

Either go online, visit one of our store locations, or give Carolina Payday Loans, Inc. a call at 800-514-2274 today to discuss how a payday loan online can help you get back on the right financial foot. We’re here for you.