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Speed Your Way Out of Debt

America: Land of the Free and Home of the Debt

In the United States, the average consumer carries nearly $12,000 in debt and our combined consumer debt is in the trillions. That kind of debt doesn’t just happen overnight for most people, it’s usually a slow build over the course of several years. Though it may take years for debt to accumulate, it doesn’t have to take nearly that long to eliminate it. There’s no big secret to it, with some hard work and careful budgeting, you can get yourself completely debt free faster than you could imagine.

How to Speed Your Way Out of Debt

  • Before you even think of getting rid of your debt, you need to plan out a budget of your spending. Find out exactly where you’re money is going each month, this way you can see where you might be able to avoid some spending. Whether you’re overspending on groceries or having too many nights on the town, you can probably find something to cut out of the budget.
  • Once you’ve set up your budget, you’ll want to go through it and make sure everything adds up correctly. Also, you should probably request your credit report from one of the credit bureaus to make sure there aren’t any unauthorized credit cards or loans in your name.
  • If it’s at all possible, consider getting a part-time job for the weekends or a couple nights a week. Even if you’re pay isn’t all that great, the added income can go directly to paying off your debt each month.
  • Call up your credit card providers and ask them to lower your card’s interest rate. If they’re unwilling to reduce your rate, try letting them know that you’re thinking about closing your account, most providers will do whatever it takes to keep you, and your debt, around.
  • When you’ve started really paying down your debt, consider paying off the largest debts with the highest interest rates first. These will cost you the most over time so it’s smart to get rid of them first.
  • Make sure you’re paying all of your bills on time. One of the easiest ways to rack up debt is through those pesky late fee charges. If it helps, set up your payments to come out of your account automatically each month.

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