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December 5, 2019

3 Tips to Pay Off Debt Faster

Three strategies to pay off debt faster.

Whether your debt is from credit cards, car loans, student loans, or your home, these strategies can help you wrangle your debt and pay it off quickly.

Debt Snowball

Focus on paying off your smallest debt first (while paying minimums on the others) then roll the amount you had been paying on it into payments on the next largest. Paying off the smallest first will give you a sense of accomplishment and the already-allocated-for money will increase your monthly payment on the next largest debt until it’s all paid off.

Debt Avalanche

Similar to the Debt Snowball, but start by focusing on paying off the debt with the highest interest rate (while paying minimums on the others) then the next highest rate, and so on. This strategy may save you time and money over the course of your debt payoff.

Debt Consolidation

Combine multiple debts into a single new one, ideally at a lower interest rate, making payments more manageable or the payoff period shorter. There are a few ways to consolidate debt, including balance transfer cards and personal loans.

Debt can feel overwhelming. With these strategies you can take control and know you’re making progress in paying off your debt and saving money on interest.