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Tips for Paying Off Your Debt
Debt is one of the hardest things to conquer. Many people spend their entire lives in debt. It doesn’t have to be this way. There are so many things you can do to pay off your debt. Whether you consolidate the debt or get a part-time job, you can get out of debt once and for all.
First things first. Stop charging to your credit cards. If you find that you need to pay your bills with credit cards, you need to work to cut expenses. You will never get out of debt if you keep creating new debt. Sit down and look carefully at what you’re spending each month and cut unneeded expenses.
Cut Unneeded Expenses
Where do you begin? It depends on what your expenses are. For example, if you have an expensive cell phone plan, consider switching to a prepay unlimited plan through a company like Straight Talk. You’ll cut your bill in half (at least) and you can put the extra money towards paying off your debt.
Consolidate the Debt
If at all possible, consolidate the debt onto one credit card that has 0% interest. This will greatly cut down the amount you have to pay, especially if your other credit has high interest rates. Just pay close attention to how long you have to pay off the balance. If you don’t pay off the balance during the promotion period, you could end up with a large fee.
Ask for Lower Interest Rates
Another option is to contact creditors and ask for smaller interest rates. If you’ve made your payments on time, you shouldn’t have a hard time getting your interest rates lowered. If you have to, ask to speak with a manger to state your case as to why your interest rates should be lowered.
Pay the Smallest Debt First
Start with the smallest debt you have and put all extra money towards paying it off. Once that debt is paid off, move to the next smallest debt. This makes it so easy to pay off your debt and it gives you motivation to keep going.
Get a Part-Time Job
If you’re in a lot of debt, you may want to consider getting a part-time job to help you pay off your debt. Put all the extra income you bring home into paying off your debt. It might be hard, but it won’t last forever.
Last, but not least, do everything you can to get the best prices on the things your family needs. For example, comparison shop for the best grocery prices and then use coupons to get an even better deal.
If you don’t want to be in debt for the rest of your life, you can work hard to pay off your debt. It may require getting a second job, but being out of debt can be so freeing.