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Reply to "What it the best debt repayment strategy for getting rid of debt fast on a low income?"

Great topic question, I will bite:

As you go down the rabbit hole of researching the topic of  'Getting Out of Debt' you will surely find that there are a few approaches to consider yet, the conclusion will be that the path chosen is simple to understand but very hard to stick to.

My recommended approach to tackling debt while not having enough means (low income) are as follows.

1. Know Your Numbers: You have to know how  much money is coming in and how much money is going out. Have a record of your income and expenses on paper (or digitally if you are tech savvy) and record and review it every paycheck cycle and every month.   Find ways to reduce any unnecessary expenses and use that to pay of debt. 

2. Sell What You Don't Need: If you don't use it, sell it and you can increase your income (at least for the short term). Either way it's extra cash on hand which will be used to tackle that debt.

3. Find a Way to Increase Your Income: Get a second job, Do some 1-time side gigs. Use all the money (100%) of your earnings to pay down debt.

4. Call Every Debtor: Now that you have an action plan, call every Credit Card company and ask them to lower your APR, - Pay down lowest CC first and call all utilities companies (gas, electric, water, waste management) see if there is a payment plan that you can work out where your payment is sale every month for at least a year. Call your internet provider and ask them to lower your bill.  You will be surprised on what they are willing to do to keep your business. Call your cable company too (or disconnect it) It may be more cost effective to have 1 or 2 subscriptions (Netflix, Hulu, Disney + etc) than a $100+ cable bill.

It is my belief that the plan layed out above will be an express lane to getting out of debt. Keep in mind there will be other variables to consider, but I just wanted to lay down an easy plan so it could serve as a motivation for those who may feel burden by debt. I personally know this burden will take it's tool on your emotions and affect your daily life drastically. So, it [IS] worth fighting to get our of debt. You know it - Now go do it!

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