Unfortunately, getting out of debt will require a few sacrifices. It’s hard, but if everything goes well, it’s only temporary. While Fleming advises merely cutting back, Mwandiambira says sometimes this step can require drastic measures.
“A swift way to repay debts is to go cold turkey. This may mean moving back home, moving in with a friend and living with them for a few months. You can also consider putting all your property into storage and renting a room for a while. Even if you are paying a bond, you can consider renting out your property. Without a bond, rent and other living expenses, you can shave large chunks of your debt away. This may greatly inconvenience you, but may help you in the long run,” he says.
If that sounds too drastic, Sydney Sekese, CFP, advises asking yourself key questions to find ways to cut back. “How much extra debt repayment can I