As a financial blogger I am often asked about ways to get out of debt. There are several ways to reduce debt like consolidating or settlement. One way that I recommend that many financial advisors never mention is to actually invest. I know it may sound counter intuitive but the extra money that you make can be utilized to day down your debt. If you decide to go in this direction, here are some things to consider.
You must do a thorough evaluation of your current financial situation, understand the purpose of your investment and set clear goals. Once you have set your goals you now must uncover what your investment options are. At this stage of the process it is essential that you determine your level of risk. If your goal is to get out of debt quickly and you are not afraid of risk then you should choose an investment option that will yield the highest amount of earnings in a short time frame. Individual stocks and penny stocks will be a good fit for this type of investor. On the other hand, if you are a little more conservative and have a longer time frame in which you are looking to day of your debt then your best is probably a mutual fund. Either way, I would recommend you consult with a financial planner. I always tell people to not worry about the cost that a financial professional will cost because you will more than make up for it in the end.