Receivables Performance Management

Receivables Performance Management Tips to Get Out of Debt Faster

Receivables Performance Management Tips to Get Out of Debt Faster

Receivables Performance Management Tips to Get Out of Debt Faster

Debt is omnipresent in our society. One way to start getting ahead with your finances is to first get out of debt.

Receivables Performance Management specializes in getting settling debts for our clients, no matter their circumstances, no matter how hopeless their situation seems.

We never forget that we’re dealing with human beings, so another part of what we do is educating the people we come into contact with about ways that they can get better with money and manage their budgets better as a way to create a fruitful life free of stresses that come about from financial burden and being sent to collections.

Below are a few ways that you can get out of debt faster.

Pay More than the Minimum

This one might seem a little obvious, but so many people out there are only paying the minimum payment each month, carrying a high balance on credit cards with high interest rates, and, in some cases, even being charged penalties.

If you have a high balance and only pay the minimum each month, you could end up paying thousands extra and it could take you years (in some cases even decades) to pay off your credit card.

Try a Side Hustle

In today’s “grind culture” it’s not hard to pick up a second job. Try to pick something that is completely different from your main line of work. Like, maybe if you’re in the customer service industry, you can pick up a gig working from home on the computer. There are micro task sites you can look into where you can claim small jobs and get paid as you complete them. Try to take most of the extra money you make from your new side job to put toward your credit card debt. Before you know it, your balance will be paid off and your peace of mind will be restored.

Pretend that You’re Broke

If you’re in debt, this shouldn’t’ be that much of a stretch to begin with. Basically, what we’re saying is to create a micro-budget – which basically means, draw out how much you’ll spend each month paying your bills and living as life as simply as possible. This doesn’t have to mean that you’re eating Top Ramen every night. Always make sure that you’re eating healthy and putting resources toward wellness. At the end of the day, you need to be energized and feeling good to make a living in the first place.

By spending only when you must, and spending money only on that which is necessary, you’ll be able to put away more money and put that money towards extinguishing your debt.

Try to Negotiate Lower Interest Rates

If you can believe it, clients asking for lower interest rates is something creditors are quite used to and, in more than a few cases, end up being compliant with. If you think your interest rate is too high or in any way unreasonable, contact your creditor and make an attempt to negotiate. It’s worth the time if you can bring your interest rate down a couple of points, we promise.

Put Any Windfalls Towards Your Debt

While you’re in debt, it’s just good practice to put any money you come across randomly and unexpectedly towards debt. Sure, it’s not the ideal situation when you get an unlikely inheritance or cash bonus, but you’ll be out of debt far sooner if you put any “found money” towards your credit card balance.

Receivables Performance Management helps settle debts quickly and without the stress – for both parties involved. If your have an unsettled debt that you’re tired of being up in the air, contact RPM today.

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