Working to pay down debt and become free of its burden can feel like a marathon that you haven’t trained adequately for sometimes. However, by no means does it have to be that way; paying down your debts can feel more like a quick sprint to the finish line if you do it right.
If you’re more of a sprinter than a long-distance runner, here are some simple strategies to help you pay off your debt in a snap:
Consolidate Your Debts
If you have a lot of debts, it can quite often make sense to consolidate them, which is something you can get help with at debtconsolidation.co. By taking all of your various debts and transforming them into one simple, manageable one, with a lower level of interest, you can pay it down much faster without having to worry about forgetting payments or accruing excessive levels of interest.
Make Payments Every Two Weeks
Instead of making debt repayments once a month, if your creditor allows it, start making payments every two weeks instead. Ideally, payments should add up to double the amount that you usually pay in a month, to really put a dentin your debts and minimize the amount of interest you accrue.
Transfer Your Balance
If you have credit card debts, it will almost certainly help you to pay off your debts faster if you can stop paying interest on your balance. The simplest way to do this is by transferring your balance to a 0 percent interest credit card, like the ones at nextadvisor.com/. That way, you won’t be wasting money on interest, which means your balance will dwindle at a much faster pace.
Make More Money
Of course, making more money and using that money to pay down your debts is probably one of the most effective ways to ditch debts in a snap. There are numerous side-gigs that will help you pay off your debts, from selling on eBay to walking neighborhood dogs. You just need to find something that suits you and stick with it until you’re happily debt free.
If the debt you’re trying to pay down fast is a mortgage or car payment, you might find that shopping around for a better deal and refinancing your debt is a good way to speed the process up, because it will cut the amount of interest you have to pay, which means more your repayments will be going towards paying off your debts rather than maintaining them.
If you can’t double the amount you pay off your debts, could you at least round them up? So if your repayments are $267, for example, you pay $300? This isn’t quite as fast as some of the other suggestions, but you’d be surprised how much of a difference it can make!
Paying off your debts early gives you more peace of mind, and more importantly, it saves you money, so it has to be worth trying some of these strategies!