Career Advice - A Community Blog

Erik Larson writes about the job market, resume improvement, and career advice

10 Things You Can Do to Tackle Your Debt Right Now

Written by Erik Larson, Community Blogger | Mar 6, 2018 2:12 AM

Cut Unnecessary Expenses

Many people are paying for things that they don't need or use. Ridding yourself of these expenses will free up more cash to throw towards your debt.

Some unnecessary expenses include

  • cable

  • eating out too frequently

  • spending money frivolously

If you find that you aren't watching much television, cancel your cable or satellite subscription. On the other hand, if you're a TV lover, you can opt to purchase an antenna or a service that will allow you to stream shows for around 10 bucks per month. Also, avoid dining out too often and don't make impulse purchases nor buy things you don't need.

Lower Necessary Expenses

This is far different from cutting unnecessary expenses. With this tip, you are lowering your living expenses.

Lower the electric bill by turning off any lights, lamps, or television sets when they are not in use. Also, unplug everything - from the smart TV to the microwave - even if these items aren't turned on; they could still be using electricity even when powered off.

Sell Things You Don't Need

Do some spring cleaning. Go through your closets and find any clothes, knickknacks, or other items you neither want nor use and sell them.

Post your items on social media or have a yard sale. Assign each item a price based on its value. If you upgraded your computer you can sell your used iMac instead of letting it gain dust in the closet.

Don't forget to get the kids involved. Many times children will have clothes or toys that they no longer use. Working together as a team can eliminate your debt sooner.


Allison Maxim says, "Don't do things blindly; have a plan." Budgeting is deciding how much you're going to spend and what you're going to spend it on.

It is you telling your money where to go. Having a written plan every month will help you to be more in control of how much money you're putting towards your debt.

For example, if you usually spend $100/week on food but decided to lower that cost to a strict $75/week or less, you would free up $25 each week to put towards your debt. Pre-plan your meals to help you stay within your budgeting goal.

Decide Which Debts to Pay Off First

You can choose to pay off the smaller debts first or you can opt to tackle the debts that have the higher-interest rate. There are benefits for both choices.

If you start off attacking the smaller debts, you'll get satisfaction sooner because you'll see yourself eliminating debt and becoming free from debtors. You'll feel as though you're making great progress.

However, if you attack the debts that have the larger interest rates, you will end up paying less in the long run. The downside to this option is, you may get discouraged when you see that the debt is still there even though you've been paying on it.

Debt Forgiveness

Some career paths actually eliminate some or all of your debt for you. Examples of careers or opportunities to eliminate your debt without paying it are

  • joining the military

  • beginning a career in education

  • volunteering

  • moving to an area that forgives loans

Dispute Your Debts

If there is fraudulent activity on your credit report, dispute it. Contact the debtor to resolve the case and to have that debt permanently removed.

Examine all of your debts carefully to ensure that none are imputed incorrectly in your name. Doing this could save you thousands of dollars.

Contact a Credit Repair Expert

Credit repair experts know how to eliminate debt. They may choose to consolidate your debt or work with your debtors. They may even find errors in your credit report, which could save you money in the long run.

You will have to come out of your pocket if you take this route, but your mind will be at ease knowing that an expert is handling your cases.

Make Smart Purchases

This option goes hand-in-hand with spending only on necessities and with budgeting. When you shop smart, you seek to save.

Purchase items that you have a coupon for or that are in season. Seasonal foods can be bought for cheap, and coupons are readily available in newspapers and online. You can also call your favorite companies to ask them to send you coupons.

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