TexasEscapes.com HOME Welcome to Texas Escapes
A magazine written by Texas
Custom Search
New   |   Texas Towns   |   Ghost Towns   |   Counties   |   Trips   |   Features   |   Columns   |   Architecture   |   Images   |   Archives   |   Site Map

Counties
Texas Counties


Texas Towns
A - Z


Columns | Go Far With Kovar

Get Out of Debt Fast

by Taylor Kovar

July 24, 2023

Hi Taylor - I've been living with student loan and credit card debt for about eight years now. I know there's no miracle solution, but still wondering: what's the fastest way to get out of debt? Like, how can I really make this happen?

Hi Abbi - A couple of things here. First, stop thinking about this in terms of fastest, and try working another angle like most effective. There's almost never a speedy fix to paying off debt, aside from striking it rich. If you find the right angle, however, you can pay off your debt pretty efficiently and then, when it's all done, you'll feel like it all happened quickly.

1. First thing's first. A lot of people struggle to pay off loans because they have too many of them. If you've got a few credit cards and a few student loans, you feel overwhelmed and might just ignore all of it. Narrow the scope a little bit and focus on making one loan or credit card balance go away. Each month, put whatever extra money you've got to that balance so you can see it slowly go down. Make minimum payments on everything else and ignore that other debt; your focus is on making one problem go away. When it's gone, you're going to feel very accomplished.

2. Stop spending.
So many people with credit card debt sit around hoping for a miracle while still racking up new spending charges on that same card. You have to ask yourself, and then answer honestly, what's the vice that you keep spending on? Dining out, travel, shopping-whatever it is, you have to stop so you can get things in order. You don't have to be frugal forever, but you can't expect to pay off debt when you won't stop accruing more debt on unnecessary spending. These habits are so hard to break, especially if you have friends and family who urge you to spend with them. If you want to get out of debt, you have to change your behavior, at least for a little while. It'll be hard at first and worth it in the end.

3. Get help. Have you consolidated student loans? Transferred credit card balances? Asked for a raise at work? When you're deep in the debt cycle, it's easy to ignore the lifelines that are dangling, waiting for you to grab ahold. Consolidated loans can make a huge difference with your monthly payments, to the point where the money you save might cover some of those monthly credit card minimums. Sometimes it's just one small step that gives you a little breathing room and makes everything feel manageable. You're not beyond help, no matter how long you've felt stuck in this routine.

Don't worry about the fastest way. Instead, think about the way. What's the actual way you can get out of debt? Figure out that path, start walking, and stick to it. Before long, you'll have your finances under control and things will be looking up. Good luck, Abbi!
Taylor Kovar

"Go Far With Kovar" July 24, 2023 Column
Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.


Texas Escapes Online Magazine »   Archive Issues » Home »
TEXAS TOWNS & COUNTIES TEXAS LANDMARKS & IMAGES TEXAS HISTORY & CULTURE TEXAS OUTDOORS MORE
Texas Counties
Texas Towns A-Z
Texas Ghost Towns

TEXAS REGIONS:
Central Texas North
Central Texas South
Texas Gulf Coast
Texas Panhandle
Texas Hill Country
East Texas
South Texas
West Texas

Courthouses
Jails
Churches
Schoolhouses
Bridges
Theaters
Depots
Rooms with a Past
Monuments
Statues

Gas Stations
Post Offices
Museums
Water Towers
Grain Elevators
Cotton Gins
Lodges
Stores
Banks

Vintage Photos
Historic Trees
Cemeteries
Old Neon
Ghost Signs
Signs
Murals
Gargoyles
Pitted Dates
Cornerstones
Then & Now

Columns: History/Opinion
Texas History
Small Town Sagas
Black History
WWII
Texas Centennial
Ghosts
People
Animals
Food
Music
Art

Books
Cotton
Texas Railroads

Texas Trips
Texas Drives
Texas State Parks
Texas Rivers
Texas Lakes
Texas Forts
Texas Trails
Texas Maps
USA
MEXICO
HOTELS

Site Map
About Us
Privacy Statement
Disclaimer
Contributors
Staff
Contact Us

 
Website Content Copyright Texas Escapes LLC. All Rights Reserved