If you are reading this article, you probably have too much debt but don’t worry, you can dig your way out of debt if you put your mind to it.

And if you’re in a financial hole due to debt, the only real solution is to change your debt habits and start digging your way out, one step at a time.

Digging yourself out of debt can boost your mental and physical health. Having more income freed up from debt may mean greater financial confidence, morale, and better opportunities to save for the future.

Dig Your Way Out Of Debt in 7 Steps 1

Here are 7 ways to dig your way out of debt:


  1. Total up all of your bills and all of your income sources to find out what’s left every month. If it’s less than nothing, take drastic steps to downsize your lifestyle.

2. Use every free naira note to start paying off your debts starting with the highest-interest obligations.


3. Consolidate debt if possible. Use a low-interest home equity line of credit if you can. And Double up on monthly high-interest payments whenever possible.

4. Review every day-to-day expenditure to find ways to cut back.

Getting out of debt usually means making some painful decisions. If you’re simply too far behind, it might be time for some drastic measures. The softest cuts come in the form of substitution, a less expensive product for a more expensive one, or cancellation of your gym membership if barely in use and substitute with a walk in your estate or park. 

5. Get advice from a credit counselor but avoid the ones who charge fat fees

One wise step in the process of getting out of debt is to meet with a credit counselor, though this option is much more helpful if you do it before you’re desperate. A credit counselor will provide many helpful tips and make sure that you’re on the right track with your repayment plans.

6. They may also provide support when you meet with your creditors, adding some professional weight to any negotiation you want to do. That said, be wary of credit specialists who charge high fees.

7. Consider renegotiating your agreement with one or two lenders to ease the pressure. Fix an appointment with them and see if your payment plan can be adjusted in your favor. It would go a long way.


Dear EM readers Digging yourself out of debt is achievable, just take one step at a time. 

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