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Tips to get out of Debt


  1. Determine the problem. Determine the source of your financial strain. If it’s lack of income, then immediately cut down on unnecessary expenditures. If the problem is due to too many costs, then identify which expenses are necessary and which are not.
  2. Establish a realistic budget and obey it. Identify how much money you have coming in versus how much you need to spend on necessary items. Make sure that it is realistic. Only count on certainties and current incomes and try not to overestimate your future income. Frequently check your budget against your actual spending patterns and readjust your spending accordingly.
  3. Be honest with yourself. Properly identify the required expenses and separate them from the “nice to haves.” Make sure to be honest with yourself and identify them accurately. Write down all of your expenditures and see where they are going.
  4. Beware of the impulse purchases. Don’t buy something that you hadn’t planned on buying just because you see it. Purchasing things on the spot often add unnecessary costs that are not in your budget. Go home and think it over. It's less likely that you'll return to buy it after having a chance to think it over. Online cash loans, such as payday cash loans, are not to be used for impulse purchases.
  5. Just because it's on sale, doesn’t mean you have to buy it. Buying a $300 item on sale for $200 doesn’t equal a $100 savings if you didn't need the item in the first place. You would just be unnecessarily spending $200. “Sales” don’t always equal "savings".
  6. Avoid large house / rent payments. Only commit yourself to what you can afford now. If you own your house, only increase your mortgage payments when your income increases and consider refinancing your mortgage if your payments seem excessive. If you rent, consider lower priced properties in neighboring areas.
  7. Reduce / stop use of credit cards. If you’re currently in debt, start paying cash for required items when possible. If you have more than one credit card, implement a plan to reduce down to only one and be sure to pay it off each month. Pay off your other cards one at a time, starting with the smallest owed amount. Credit card interest rates add to your financial strain and not paying them will hurt your credit. If you cannot use cash, try using a debit card instead of a credit card. This will help eliminate your credit card debt. Visit Credit vs. Debit Card in ConnectFinance's debt help center to learn more.
  8. Avoid joint obligations with anyone who has questionable spending habits. If you receive a joint tax or debt bill, you're probably liable for the total amount if the other person defaults. Frequently, these liabilities outlast the relationship. Avoid joint legal obligations where possible.
  9. Find alternatives to spending money. If someone suggests meeting for lunch, suggest meeting at a public park or a museum on its free day. If you want to celebrate a holiday or a birthday with a friend, take them on a picnic instead of an expensive restaurant. Instead of buying books and CDs, borrow them for free at your local public library.
  10. Financial / credit advisor. If you can’t correct the problem yourself, seek a professional credit advisor that can help identify what’s causing your debt and recommend techniques to improve your situation.

Please visit the following ConnectFinance resources for other information on how to get out of debt and improve your credit.

A "personal loan" is a financial product that provides consumers with a low amount, short-term cash loan. These loans are typically 2-3 weeks in duration and are not based on the borrower’s credit. Using a simple application, like the one on this website, personal loans provide borrowers with a financial option for quickly acquiring the money they need to cover small unexpected expenses.

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Installment loans are very similar to online personal cash loans in that it's a lending product that enables consumers to quickly acquire money needed to pay for immediate, and often, unexpected expenses. However, an installment loan is repaid over time based upon a set number of scheduled payments, instead of one lump sum like a personal cash loan.

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Auto title loans, also referred to as car title loans or cash title loans, are a type of secured loan where the borrower can use their vehicle title as collateral. Borrowers must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for the loan.

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A line of credit loan is an online cash loan where credit is extended to individuals to be used as needed over a period of time. It uses a debit card to provide the credit, which the consumer uses for purchases.

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A line of credit loan is an online cash loan where credit is extended to individuals to be used as needed over a period of time. It uses a debit card to provide the credit, which the consumer uses for purchases.

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*THE OPERATOR OF THIS WEB SITE IS NOT A LENDER, does not broker loans to lenders and does not make short term cash loans or credit decisions. This Web Site does not constitute an offer or solicitation to lend. This site will submit the information you provide to a lender. Providing your information on this Web Site does not guarantee that you will be approved for a short term cash loan. The operator of this Web Site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Not all lenders can provide up to $2,500. Cash transfer times may vary between lenders and may depend on your individual financial institution. In some circumstances faxing may be required. This service is not available in all states, and the states serviced by this Web Site may change from time to time and without notice. For details, questions or concerns regarding your short term cash loan, please contact your lender directly. Short term cash loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a short term cash loan based upon lender requirements. This service is not available in New York or to New York borrowers due to interest rate limits under New York law.

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