7 Tips to Help You Get Out of Debt

When you are in debt, it can feel like there is no way to get a grip on your finances. However, living debt-free is attainable as long as you have a plan in place. To help, CB&S Bank provides these seven tips to help you get out of debt and on your way to financial freedom:

1. Create, and stick to, a budget—If you want to get serious about paying off your debt, consider creating (and sticking to) a budget. Only spend money on necessities and use the excess money to pay more toward your existing debts.
2. Try selling items you don't need—One way to generate some extra cash is to sell items you no longer need. You can do this by hosting a yard sale, selling items on eBay, Craigslist or even Facebook Marketplace!
3. Use windfalls to help chip away debt—Use any windfalls you may come across to help you chip away at your debt... Examples of windfalls can be birthday money, an annual raise, an inheritance or even your tax return. 
4. Find ways to save—Evaluate your spending habits and try to find additional ways to save. By not spending as much money, you will be able to allocate the money you had previously spent on habits or hobbies towards your debt. If you find yourself rushing to your local coffee shop for a coffee every morning, start brewing your own coffee at home. If you notice that you are eating out a lot, you could consider making your meals at home and eating in.
5. Pay more than your minimum payments—If you are able, try paying more than just your minimum payment. By doing this, you cannot only pay off your debt faster, but you can also possibly improve your credit score. Try using CB&S Bank's Credit Card Re-Payment Calculator to learn how long it will take you to pay off your credit cards.
6. Make more money—One way to pay off your debt faster is to make more money... You can get a part-time job or even start a side hustle!
7. Get rid of the credit cards—If you have to get rid of your credit cards in order to stop using them, then do so. If you continue to use your credit card, the vicious debt cycle can be never-ending.