Out of debt

You realize you are in debt. From one credit card, to student loans, to another credit card, you are in over your head, and you do not even have a real job yet.

Life can start to get rough after high school. We don't typically think about it until it hits us head-on.

We just get so used to our parents forking out the dough and paying all the bills.

Debt is the last thing on our minds. Then college comes.

This is our first big reality check. Especially if we're left to cover the costs on our own.

Suddenly we have rent, food, and tuition to pay for. Oh, and don't forget a good two hundred each quarter for books.

Even with a part-time job and student loans, this can get hairy. Next thing we know, it's credit card time.

Then we're using three different credit cards to constantly make the ends meet.

Everything seems great and finally we're able to relax with school, and maybe have a latte.

But, then what do you think happens after graduation? I mean besides the acceptance of your degree.

You realize you're in debt. From one credit card, to student loans, to another credit card, you're in over your head, and you don't even have a real job yet.

Now it's time to get out of debt, and do it wisely. We all want out of debt.

In fact we want to squash the entire concept of debt. It shouldn't even exist.

Well, one place you can start is with a financial advisor.

This is someone, who can tell you how to cut costs and most likely consolidate.

What are the current APRs on your credit cards?

In my opinion if their above 7 or 8 percent, they're too darn high.

Do you have student loans, and if so, how many different lenders are you paying back?

Now, you should consolidate your student loans.

This is typically always something you can do after college to help get out of debt quicker.

This way you will have one low monthly payment, instead of two or three high ones.

Also, you can probably take out a low interest loan in order to consolidate those credit cards.

Stop paying all that interest. You're just throwing money away.

Try a nice small monthly bill with a fraction of the interest charges.

That financial advisor can help you find this. I am no different than most Americans.

I too want out of debt, and I want there fast. I did the student loan consolidation, and the loan to pay off credit card debt.

Both helped me a ton. It's not just about having a lower monthly payment.

It's also about getting those APRs down as low as possible. Are you out of debt yet?

Online resources and related articles about out of debt: The Motley Fool How-To Guide: How To Get Out Of Debt Welcome to The Motley Fool's quick course on beating debt! We Fools are highly committed to turning net debtors into net savers, replacing the slavery of monthly payments with the joy of expanding investments. We sincerely hope that this series is a big step in that direction for you.

Glossary: Refinancing Refinancing refers to applying for a secured loan intended to replace an existing loan secured by the same assets. The most common consumer refinancing is for a home mortgage. Effects of debt Debt allows people and organizations to do things that they otherwise wouldn't be able or allowed to. Commonly, people in industrialised nations use it to purchase houses, cars and many other things too expensive to buy with cash on hand.

Debt consolidation advice

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