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3 Tips: How to Get Out of (Wedding Guest) Debt

A new outfit here, a few wedding registries there, some travel costs…it doesn’t seem like much one expense at a time, but if you’ve spent your summer attending weddings, you might not be enjoying the debt you accumulated. How to get out of it? Well, it might not be quite as fun as those weddings you attended, but here are three tips that can help.

  1. Moonlight

Or daylight, or weekend-light. Whatever your current work schedule is, find some time in your off-hours to make more money.

The more you make, the quicker you can pay off that debt. Taking on a part-time job on weekends, days off, or in the evenings can make a big impact on your repayment schedule.

 

  1. Find your method through the madness

Debt of any kind or any amount can make you feel frazzled. When you feel anxious or overwhelmed, it can also be pretty difficult to focus your efforts, come up with a plan, and stick with it to see results.

So start by determining your debt repayment style.

Whether your post-wedding debt is on credit cards, a credit line, or a loan, one of these methods could work for you.

Finding the strategy that works for you can increase your interest, motivation, and comfort so that you see results and eliminate your debts all together.

 

  1. Do the math

Interest rates can be crippling, not only to your monthly budget, but also because high interest rates can mean it takes you much longer to pay off your debt than you’d like.

And of course you’ll pay a lot of interest charges. Depending on your repayment abilities, it could mean more in interest than the original purchase price.

There are some debt options that can reduce your interest rate. If you consolidate your debt, you may be offered a lower interest rate (especially if your debt is on credit cards, which often carry some of the highest interest rates).

Talk to your lender or a debt relief professional to see if there’s a way to pay your debt efficiently. Focusing on how to get out of debt now will help you get your monthly budget back on track that much sooner.

Has a busy wedding season stretched your finances? Tells us on Twitter. #DebtSolutions #summerofweddings



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