Five Expert Tips to Help You Get Out of Debt Quickly

Written by  //  2017/03/27  //  Financial Aid  //  No comments

Having a mountain of debt can create many problems for you and your family. It can lower your credit score, and large debt payments can make it hard to find money in your budget for savings. If you are drowning in debt, things may seem hopeless. However, there are some pretty simple ways to pay down that debt quickly. Here are five expert tips to help you get out of debt more quickly.

Concentrate on One Account at a Time

When looking to pay off your debt, it’s easier to make progress if you pick one account to focus on. For example, you might pick a credit card that has the smallest balance or the one with the highest interest rate, and pay as much extra as you can each month until you pay it off. Once the debt is paid in full, you can focus your efforts on another account.

Consolidate Your Debts

Consolidating your debts can make it easier to pay them off faster. Getting a consolidation loan or doing a credit card balance transfer will get you a lower interest rate, which means you pay less in finance charges, making it easier to pay off debt quickly. Consolidating debt also gets you fewer payments, which makes handling debt easier and more convenient.

Cut Expenses

One way to pay off debt quicker is to cut your other expenses so you have more money to put toward debt. Some of the things you can do are to cut down on eating out and entertainment spending, and looking for cheaper options for things like insurance, internet, and cell phones. Most people can easily cut their discretionary spending each month to have more money to put toward debt.

Bring in More Money

Another way to pay off debt quicker is to bring in more money. You can do this by working extra hours, getting a part-time job, or selling some of your belongings. You might also check into other options, such as contacting an unclaimed money by person name service to see how to find unclaimed money with your state treasurer.

Seek Help

Working with a credit counselor can help you get a handle on your debt and find ways to pay it off more quickly. Legitimate credit counselors usually don’t charge anything for their services, so keep that in mind.

Paying off debt isn’t as hard as it seems. With a little hard work and some outside-the-box thinking, you can find plenty of ways to pay down your debt quickly.

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