It is not uncommon for New Jersey residents or Americans in general to live beyond their means and to accumulate massive debt out of which they then have difficulty digging their way out. Many of these individuals eventually resort to bankruptcy, but some either do not qualify for bankruptcy or want to keep their credit intact but still obtain debt relief. According to Moneyning, it is possible to dig one's way out of debt, but doing so will require intense effort and careful budgeting over a period of three to five years.
One thing Moneyning suggests doing is establishing an emergency fund of at least $500. In the event of an emergency, one can use the $500 instead of resorting to a credit card or loan.
The next thing Moneyning suggests doing is making a list of all debts in order from smallest balance to largest. As a debtor pay off debts with smaller balances, he or she can use the funds to then pay the accounts with the next smallest balances and so on.
Another two things those with massive debt can do are trim the budget and quit pleasure shopping. Debtors should consider cutting the cost of cable, ditching Friday night pizzas in favor of homemade meals and eliminating costly cell phone features. They should only shop for groceries until they have paid off their debts entirely, and even then, they should shop sales and with coupons.
PocketSense also suggests looking for side gigs. Though one may have to work overtime for a while, it will be well worth it when he or she is finally debt free. The page also suggests that debtors put their credit cards away in a drawer or even a block of ice until all they have successfully paid off all outstanding balances.