If you have found yourself in short term debt for any reason and you want to get out of debt you might be wondering how you can do it. Well read on for some answers.
One way of getting out of short term debt that isn’t above say, $1,000 is to consider taking out a credit card that has 0% interest for 6 months or so. This is a viable option over the short term if you can borrow the money you owe, pay off your debt and then repay the credit card with no interest within the 0% interest free period.
If you have been working for your employer for a long time and you are on good terms you might want to consider asking them for an advance on your pay check and repay it in small amounts that is agreeable to both of you.
You might be able to take out what is often called a pay day loan or short term loan. Loans of this types are generally repaid over the following three paydays, where the loan company takes back the agreed sum. However this will come with interest but as the loan is only short term it often doesn’t work out as a lot.
Perhaps you could ask family or friends to loan you the money and then repay them back at an agreed sum each month from your pay check.
If you do manage to get out of the short term debt it may be advisable to save up an emergency fund in case something happens again in the future.