How to Pay Off Debts Fast

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Paying off debts fast requires an organized plan of attack to chip away at each bill gradually. Weigh your assets, sell a car or liquidate other unnecessary possessions to help pay of debt quickly with advice from a licensed financial planner in this free video on personal finance.

Part of the Video Series: Debt & Debt Consolidation
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Video Transcript

Hi, my name is Bill Rae, I'm with HBW of Florida and I've been in the finance field for well over 20 years. The question asked today is how to pay off debt fast. That's a very general question. The answer may not be as easy as one would think, however let's take a stab at it. What do you mean by paying off debt fast? To some folks a 2 to 3 year plan is fast. To others, 5 to 7. To others, 30 days is too long. What kind of debt are we talking about? Do you have the ability to borrow money to pay that debt off? Can you change that personal debt to secured debt? For example, do you own your own home? Is there enough equity to pull money out of your home to pay off whatever it is you're attempting to pay off? And the other question which is subtle is, why are you in such a hurry to pay off the debt? You see sometimes debt is good. Debt can be used to help you earn higher income, debt can be used to help you offset income. So be careful when you say I want to pay debt off fast. The obvious answer is if you're looking to pay debt off fast, you need to stop all spending and increase your income. Do you have sources that you can sell things? Do you have personal stereos, gold, silver, do you have an old automobile you can get rid of? Depends upon how much debt you're talking about and what do you have in assets that you could liquidate in order to pay that debt off. But in all plans, I suggest you get outside counsel. Seek people you know, talk to trusted people, find out what they've done, find out what plans are out there and at all, and if possible, seek counsel from folks like myself. My name is Bill Rae, I'm with HBW and I'm helping you build wealth.


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