Pay Off Debt ? 3 Secrets To Fast Debt Relief | Ways To Reduce Debt

Article by Dan Morton

Pay Off Debt ? 3 Secrets To Fast Debt Relief ? Finance ? Debt Management

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Today?s debt load is killing the average American family ? over ,000 in credit card debt is owed and accrues interest each month, and when folks pay off debt, the savings would amount to thousands of dollars ? not to mention reduced stress levels. Car loans, department store revolving credit, student loans and other non-secured debt add to this load, making it very difficult to survive if household income drops, due to job loss, illness or a variety of reasons.

Pay Off That Debt

Paying off this debt should be the number one priority for anyone owing money, then the lifestyle should be adjusted to reflect the level of income. In short ? live beneath your means. To accomplish the first priority, here are three techniques that can help those in debt pay off their debts a little more quickly, if used properly.

Cut Your Interest Rate

Interest rates on credit card debt can be horrendous ? often as high as 25%, sometimes higher, depending on your credit rating. Go right now and check what interest rate you?re paying now ? you may be shocked.

If your credit is still in decent shape at this point, you may be able to transfer your high-interest rate balances to a lower rate account. Many credit card companies offer a very low rate for three or six months ? as a come-on to get your business. After the grace period expires, the interest rates will skyrocket up to the normal amount for your situation. The key to making this strategy work is that you must be willing to move your balances to a new low introductory rate card when the special rate expires. If you don?t move your balances, then you?ll save no money.

To work this strategy to its full effectiveness, you must take the money saved by the temporary low payment and pay down the principal. Just keep repeating this process until your credit card debt is paid off.

Pay More Every Month

If you were to make just the minimum monthly payment on a ,000 debt with 21% interest rate, it could take 16 years and 10 months to pay that debt off at 0 per month. payment amount to 0, you could have that debt paid off in 7 years and 8 months ? in less that half the time if you add per month! Plus, you would save thousands in interest over the life of the loan.

This is a no-brainer ? skip the Starbucks, give up smoking or go out to eat less, but pay extra on your debt ? the difference could be huge!

Consolidate Your Debt

There is a possibility to save huge on consolidating your debt. What?s debt consolidation? Debt consolidation is a process whereby the debt holder gathers all of his or her small, high-interest debt into one big pile, then, usually, takes out one large personal loan. The benefit to debt consolidation is that the new loan usually carries a much smaller interest rate that any of the smaller debts.

This lower interest rate will make for a lower monthly payment, and this lower payment then allows the debt holder to make additional payments, thus paying off the debt sooner. As shown above, there are huge advantages to paying off debt sooner, and that?s the goal ? to eventually become debt free.

These three strategies are only a few of the ways that can help speed up the process of debt reduction, Ultimately, to stay out of debt once the debt has been eliminated, lifestyles will have to change. Spend no more than is made ? live within one?s means and never become hopelessly in debt ever again!

Don?t give up on your dream of becoming debt free! Government bailouts won?t help families in debt ? only you can help yourself.

Take action now!

About the Author

Are you trying ? without much success ? to become debt free? Why does it always feel like you?re just treading water in a pool of debt? Feel helpless no more! Drop by DebtReliefDr.com to help lay your plan for complete debt relief!

Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author?s information and copyright must be included.

Dan Morton

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Are you trying ? without much success ? to become debt free? Why does it always feel like you?re just treading water in a pool of debt? Feel helpless no more! Drop by DebtReliefDr.com to help lay your plan for complete debt relief!

Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author?s information and copyright must be included.

Source: http://www.waystoreducedebt.net/pay-off-debt-3-secrets-to-fast-debt-relief/

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