3 Ways to Pay off Debt Fast

     If you must, you are not alone. Studies have found that the average person carries about $ 8,000 to their credit cards, and most people, including car loans, mortgages, student loans and more. To pay credit card debt should be your first priority, but because of credit cards generally have high interest rates. Here are three ways to quickly whittle down these elements:

Post your rates

     The average credit card interest rate is about 14%. But many credit cards have a special low-rate introductory offer, such as 0% for six months. Balance transfer low interest rate card, plus the monthly fee will be applied to principal and interest, which falls into your balance quickly. If you cannot find a card smaller, try calling the current credit card company and ask for less.

Increase your salary

     Just make the minimum payment on a $ 8,000 balance means it could take more than four years to pay off your debt if you have an interest rate of 0%. Pay more than the minimum is the best way to pay your balance quickly. Send to a charge of $ 100 per month and you will be credit card debt free in just over two years. Send to an additional $ 200 per month and the balance will be paid in 20 months.

Consolidate

     If you are in need of extra help, consider a loan consolidator or a debt negotiator. These professionals can help you negotiate with credit card companies for a lower interest rate or even the amount of debt. Successful negotiation can reduce the amount of debt to 80%, 70% or even 60% of the original total and calculating the balance means that you can pay faster.

     Try using one of the recommended lenders debt consolidation loan on ABC Guide to ensure that the lender is reputable. Once you have paid your debt, make a conscious effort to stay debt free. Avoid using your credit cards unless you can pay your balance each month. Use only cash or debit card for everyday purchases and save money for large purchases such as appliances and electronics.

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