We all know that life would be so much better if we weren't carrying debt. Wouldn't it be nice to pay off your debt as quickly as possible? If that sounds like something you'd love to do, keep reading. Whether you begin by forcing yourself to stop using credit or consolidate, you can pay off debt quickly.
First things first. You want to stop charging your purchases. The more you put on your credit cards, the more interest you'll pay. Also, you'll never pay off debt if you keep charging. People do many things to prevent them from using credit. You can freeze your credit cards in a block of ice. You can cut up your cards. You can even put your cards in a bank box so that you don't have easy access to them. Just do whatever works for you.
Get Your Interest Rates Lowered
You want to make sure to call all your creditors and request that they lower your interest rate. This will take time and you may have to call a few times to get through to the right person. If you've paid your bills on time and been with the company for a while, they will be more likely to reduce your rates. You may need to speak to a manager to get the best rate.
Get on a Budget
You need to get on a budget. Once you have control of where your money is going, you can figure out ways to cut your expenses even further to the bare necessities and apply even more money towards your debt. You'll also need to make sure that you're having the self control to stick to your budget.
Sell, Sell, Sell
You want to sell anything you no longer need. If you have items around your home that are just collecting dust, sell them. You'd be surprised at what will sell. Everything from shoes to magazines to books can be sold through yard sales and online.
Choose a Plan
Last, but not least, you want to choose a plan to pay off your debt. Some people choose the snowball method. The snowball method is when you pay off the smallest debt first. This works because it motivates you and carries the momentum with small debt victories. The other method is to pay off the highest interest debt first. This will help in the long run because you'll pay less in interest fees.
If you want to get out of debt quickly, follow these tips. You'll be surprised just how fast you can do it.