Student loans, car payments, credit cards, medical expenses, whatever. Bottom line is most of have some kind of debt. And like most, you would love to pay down it down or get rid of it altogether. Not quite sure of the best way to do it or where to start? No worries, you’re not alone. Actually, there really isn’t any one “best way” that works perfectly for everyone. But here are 3 really good suggestions to get you started.
Stop using your cards.
The last thing you want to do with credit card debt is add to it. Take all your credit cards out of your wallet or purse and leave them at home – safely out-of-reach behind a major appliance, or trapped in an ice block in your freezer. (You may want to keep one for emergencies. And no, a really great sandal sale or a cool new Bluetooth-enabled gadget does not qualify as an emergency.)
Pay more than your minimum monthly payment.
Simply paying the minimum amount can take forever to pay the balance off. If you want to pay off your balance quickly, pay as much extra as you can afford. There are few things you can do to cut costs to pay the extra. For example, start packing your lunch instead of eating out, rent a movie instead of going to the theater or try to go one month without buying any new clothes. If paying off your debt is as important to you as you say it is, cutting back on these things can be easily done.
Always Pay on Time.
The worst thing you cn do when trying to reduce your debt is make late payments. Late fees can be costly and would better used to reduce your debt. They’re also a strike against your credit rating. By paying late, you will also diminish your chances of getting the best rates and deals on a car loan or mortgage. However, if your debt has affected your credit score but you are in need of a vehicle, some dealerships like Urse Honda dealership in Bridgeport has programs for you that will help you get into a vehicle, and also help you restore your credit.
Speed up your debt payoff by making extra cash.
One of the easiest ways to start seeing real progress on your debt payoff is to find extra income. If you’re working part time, consider picking up some extra hours and work a full-time schedule. For stay at home moms, seeking part-time work is something you might want to consider. There are many many ways you can make money today. There’s ideas for every situation: from making money at home to how to get extra cash when you’re already employed.