There are a lot of scams out there promising debt solutions. Unfortunately, there are many people who fall victim to them. However, there is a legitimate way to get out of debt with no money. If the idea of getting out of debt with no money sounds impossible, I’m here to tell you it’s not.
In this blog post, we’ll take a close look at a few potential strategies you can use to get out of debt. You can pay off your debt in as little as five years, but you will need to follow a strict budget. Keep reading to learn more!
How to get out of debt easily and quickly?
Getting out of debt with no money is possible, but you need to know where to start. Many people can end up drowning in debt due to a few bad decisions, but there are simple steps you can take to avoid debt altogether.
There are a few methods you can do to get out of debt quickly and easily.
Method 1: Make a budget and stick to it
Creating a budget is a great way to improve your financial stability. By understanding your income and expenses, you can create a budget that reflects your true spending habits. Once you have a budget, you can focus on eliminating wasteful spending and improving your cash flow.
This will help you track your spending and see where you might be overspending. In the end, you would be able to pay off your debt faster.
Method 2: Cut back on unnecessary expenses
This means living within your means and not spending money that you cannot afford to lose. Try to find a cheaper alternative to things you’re used to spending money on or find ways to make your spending more efficient. For example, you can try to reduce your electricity bill, stop eating out as much, and set smaller monetary goals for yourself.
As well, you can reduce your monthly expenses by even a small amount, that’s going to have a big impact on your debt payoff timeline.
Method 3: Look for ways to raise money
You could try to get a part-time or full-time job, which will increase your income and help you to repay your debt. Additionally, you could also enrol in an education program that will provide you with more skills and the knowledge necessary for obtaining a better job.
Another essential tip is downsizing, which means selling off items that are no longer needed or wanted in order to generate more cash for paying off debts.
Method 4: Seek help from professional
You could rely on credit counselling services and programs offered by non-profit organizations. The counsellors will help you understand your credit situation and develop a plan to improve your credit score. This can help you get better loans and lower interest rates.
What is AKPK?
The Credit Counseling and Debt Management Agency, also known as Agensi Kaunselling dan Pengurusan Kredit (AKPK), was founded by Bank Negara Malaysia (BNM) in 2006 as a component of a Consumer Protection Framework under BNM’s 10-year Financial Sector Master Plan. Based on the AKPK’s Financial Behaviour and State of Financial Well-being of Malaysian Working Adults survey in 2018, shows that the majority of Malaysians claimed they had trouble coming up with RM 1,000 for emergencies. And to the statistics provided by the Malaysian Department of Insolvency, there are over 84,000 individuals have been declared bankrupt between 2015 and 2019. Hence, below are some services offered by AKPK to help Malaysian get out of debt.
The three (3) services offered by AKPK are as follows:
- Financial education emphasises prudent money management & credit management techniques.
- Financial management guidance and assistance.
- Debt management programme to help users recover control over their finances.
Method 5: Apply for a low-interest personal loan
A low-interest personal loan is a loan that has a low-interest rate, which means that you will pay less in interest. This can help you get out of debt faster because you will be paying less in interest overall.
At Overcome Resources, we not only offer you a Fast Approval Loan In Penang with a low-interest rate but also allow you to spread out the payments over a longer period of time. This way, you’ll avoid having to pay off your debt all at once.
Last but not least, we supply a quick approval procedure that the loan may be approved within 24 hours for RM 500 – RM 2500. And provide a fast disbursement so that the money can be instantly moved online following the acceptance.
Conclusion
Be patient. It may take a few years to get out of debt, but with a little effort and a lot of patience, the dream of a debt-free life is definitely within reach.
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