Get OUT of Debt and INTO a Home

When you’re drowning in debt, the last thing you want to do is add more financial stress. However, we all want a place to call home. Check out these ways you can tackle your debt quickly and efficiently in order to be a new homeowner in no time!

Control Your Debt

Right now, it may seem like your debt is out of control. However, it doesn’t have to be. Show your debt who’s boss once and for all.

Getting out of debt doesn’t have to be all work and no play. Instead, add some “fun” times into your budget while still tackling your debt. You can still have fun eating out with friends and going to the movies. However, you need to do it in moderation. You still have lots of debt to pay for, so find a place in your budget for a lot of paying off debt and a little fun.

Use your “extra” money to pay down debt. For example, you bring home $4,000 a month but only have $3,500 in monthly expenses. After you deduct that amount from your income, you use the remaining $500 toward one of your debts. This strategy has helped many tackle their debt in a quick manner. For instance, one couple paid off $50,000 in debt within 18 months using this method, so it’s worth a try!

Don’t be scared to look at your own home for some extra cash, too. Have you been meaning to have a yard sale? Are there clothes in your closet with tags still on them? Is your baby out of the baby stage, yet you still have all his or her baby toys? Sell them through an actual yard sale or online. It’s time to declutter your life and clean up your debt!

Looking to consolidate your debt this year in order to tackle your outstanding balance and start working toward a down payment on a new home? Call Red Rock Mortgage to speak with one of our specialists about our debt consolidation options!