Get Yourself Out of Debt In Less Than 36 Months

It takes quick and decisive action, but you can get out of debt in 36 months - no matter what you owe. However far you might be in the hole, these tips can help get you back in the black.

Video: How to get out of debt?

Video talks about adding up outgoing costs and then adding up total income. Also speaks to paying off high interest credit cards first, budgets, and more strategies. Click the video for more details.

Cut Commute Costs

Don't just reduce your driving - sell your car outright and use that money, plus your savings on a monthly vehicle payment, gas and insurance, to pay off your highest-rate credit card. In the meantime, take public transportation or carpool - Google Transit can help you plan your trip right at your keyboard. Assuming a monthly car payment of $300, average weekly gas costs of $40, and average yearly car insurance premiums of $1000, you stand to save $20,040 over 36 months.

Get Creative About Caffeine Consumption

Do you know what that daily latte is costing you? If you're getting that shot of java at Starbucks during the work week, that's running a weekly total of $15. Try drinking that free office coffee and you'll save $2160 over 36 months - or you'll save more if you've been indulging in larger-than-average lattes.

Video: How to make great coffee at home

Kick the Habit

Are you a smoker? Quit now. Not only will this benefit your health, but keep in mind that a pack-a-day habit at an estimated cost of $4 per pack totals out to $120 per month. Kick the cigarettes and you're looking at a savings of $4320 over 36 months.

Cut the Nonexistent Cord

Can't live without your cell phone? Think again. At an average monthly cost of $50 for cell service, dropping the wireless habit can net you a tidy $1800 over 36 months.

Get Rid of Your Cable

Addicted to CNN? The Food Network? You've got better things to do, including slashing down your debt. Assuming an average cable bill of $55 per month, saying sayonara to the multi-channel habit means $1980 in your pocket at the end of 36 months.

Brown-Bag It

Eating out is a big black hole when it comes to the budget. Cut down on the recreational dining and you'll find your wallet fatter than your stomach. Estimating an average per-person restaurant meal cost at $7, you stand to save upwards of $1008 if you cut out just one solo trip to a restaurant each week over the next 36 months. To make the transition easier, here's a comprehensive list of recipes that you can make with your kids.

Video: Discounts of eating out

Settle Your Debt

You can reduce debt by negotiating a reduced balance with your creditors. Known as debt settlement, this can reduce your credit-card debt substantially if you're willing to pay off the lowered balance all at once. This could really help knock down your debt - say you have four credit cards, all with $1000 balances, and you negotiate down to a reduced balance of $650 each. Not only is that $1400 in your pocket, but you won't be paying any interest or late fees on outstanding balances. You can choose to negotiate your own debt settlements, hire a lawyer, or use a debt settlement company. Before making any commitments, learn more about settlement companies here: www.tascsite.org.

Make the Commitment

You didn't get into debt overnight, and it's not going away overnight either. However, let's do the math:

Selling Your Car	$20,040
Drinking Office Coffee	$ 2,160
Quitting Smoking	$ 4,320
Get Rid of Cell Phone	$ 1,800
Doing Away With Cable	$ 1,980
Eating Out One Time Per Week Less	$ 1,008
Settling Your Debt	$ 1,400
Total Savings Over 36 Months	$32,708

Keep these tips in mind. Write them down and post them on your refrigerator if that helps. With discipline and diligence, you can soon find yourself debt-free.