5 Easy Pointers For Getting Rid Of Debt Quick | Refresh Financial

5 Easy Pointers For Getting Rid Of Debt Quick

 Getting Rid Of Debt Quick

Sometimes debt can feel so overwhelming that it seems futile to even try to get rid of it. Even though you're making your payments on time every month, the debt never seems to shrink. If you're feeling hopeless regarding your debt situation, don't give up! There's good news, and eliminating debt might be easier than you think! We've compiled a list of 5 easy pointers for getting rid of debt quick.

1. Pay More Than The Minimum

- Pay as much as you can each month on your debt. Yes, this means you will have to sacrifice other things for a little while, but trust me when I say that once you see that debt shrink even the slightest bit, it’s going to feel great. It can even fuel you to find more ways to cut down on your spending so you can throw even more at your debts.

2. Try The High-Interest Method

- This method involved focusing as much as you can towards the debt with the highest interest rate, while still making your other minimum payments. Once you’ve paid it off, focus everything you were throwing at it towards your next highest interest debt, and so on. This process of elimination starts at your most expensive debts and then moves down the line.

3. The Snowball Method

- This strategy is similar to the high-interest method. Instead of starting at debts with the highest interest rate, you start at your smallest debt. It's important to still make your minimum payments towards all of your other debt during this method. Once this debt has been paid off, you can focus your newly freed-up resources towards your next smallest debt. This method is fantastic for building momentum and encouraging you to keep moving forward!

4. The Avalanche Method

- The avalanche method is the opposite of the snowball method. Instead of starting with your smallest debts, you focus your resources towards the biggest. Once it's tackled, you would move on towards your next biggest. This method will feel like it's taking longer to gain traction, but that's because you're starting with your highest amounts. Once it's eliminated, however, the rest will shrink much faster.

5. Get A Secured Savings Loan

- A secured savings loan doesn't require any money up front, and almost everyone is approved. Every payment you make towards this program is reported to the credit bureau, lifting your score. Once you've completed the program, you're left with a fantastic credit score and a chunk of money, which you can use towards your debts! Click here for more information regarding a secured savings loan.

No matter which way you look at it, you’re going to have to sacrifice and practice some self-control. Dealing with debt is never fun, but with these strategies, you can help yourself work towards a better future!

What method do you think works best and why? Let us know in the comments!

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