How to Pay Off Debt Faster

I am going to tell you a few tips to pay off debt faster. These are no great insider secrets or anything, just things that I have learned that not everyone is aware. I hope everyone will pay off debt faster.

Instructions

1. To pay off debt faster use a budget. Budget in not just enough to pay the minimum amount, try to make as much extra on your payments as possible. Look at debt as the enemy and attack it. Try to get rid of as much as possible when ever you can. Make it a hobby to pay off debt faster. Keep in mind that if you pay off debt faster then you will be paying less interest on the debt owed.

2. The next step to pay off debt faster is to not aquire any new debt. This can be hard at times, but you do not need something else to make payment on. The money you spend on a new debt could be going to pay off debt faster that you already owe.

3. If you have several different debts establish which one you want to pay off debt faster on. This should be the one with the smallest monthly payment. Once you pay it off use the money that would have been your monthly payment and apply it towards paying off debt faster on the next balance. Keep on doing this until you are debt free.

Resources

• The Total Money Makeover
• Debt Cures