Dealing with Debt: Six Ways to pay it Off Faster
Thursday, September 24, 2015, 6:00 AM | Leave Comment
It’s not unusual to have worrisome debt, but you may wonder how you’ll ever pay it off, especially if you are struggling just to get by financially. While it will take work, willpower, and dedication, there are ways to make a dent in your debt.
Consider these six ways to pay off debt faster.
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Craft a Budget and Stick to It
Many people neglect to actually establish a budget. Whether it’s written down on paper, created on a computer spreadsheet, or entered into personal finance software, having a visual of the money that comes in and goes out each month will help to keep you accountable. You can’t make changes if you don’t keep track of the basics.
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Tackle High Interest Deb First
Take time to look at the interest rates on your credit cards and other debts. Pay more on the one with the highest interest first in order to eliminate your most expensive debt. Doing so will eventually make it easier to pay down your remaining balances. If you can, try to make extra payments on your other debt, too.
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Curb Credit Card Spending
Taking a time-out from using your credit cards is one of the most important steps to getting your debt under control. By ending the accumulation of new debt while you are paying off the old, you’ll begin to see the balances drop, leading to more personal satisfaction and motivation to continue.
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Use a Tax Relief Service
If you owe tax debt, one of the best ways to approach paying it off is to utilize a tax relief service like Horizon Tax Relief. These qualified professionals can provide you a consultation and make suggestions based on your unique situation. They will ensure that you are in compliance, and will assist you in reaching a settlement or resolution that is to your advantage.
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Sell Unwanted Stuff
Take a look around your home and set aside unwanted gift items, clothing that doesn’t suit you, or things you no longer need. You can take photos, establish a price, and sell them on Craigslist, eBay, or in Facebook groups. Take your earnings and pay down your debt.
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Use Bonuses Wisely
If you receive a bonus or holiday incentive at work, that money should immediately be used to pay down your bills. Doing so will eliminate any temptation to spend it on something frivolous. You’ll feel a sense of satisfaction to see the effect this unexpected payment has on your debt.
There are numerous ways to attack the debt that’s hanging over your head. While it may require some tough love on your part, you won’t regret making the effort to pay off your debt faster.
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