5 of the Fastest and Most Effective Ways to Get Out of Debt

Debt seems to be a factor of life, but it does not have to be. People throughout the country are working toward their reduced debt and even debt free goals every day. You do not have to have a bottomless bank account to get out of debt. You just have to know how to do it. Here are 5 ways you can reduce or even eliminate debt in 2017.


The reason that so many people are drowning in debt these days is that they do not understand a strategy to reduce the overall debt. The key is to prioritize your personal debt. This can be done in a number of ways, but the most effective is to hone in on the smallest bill per month. Pay extra toward it until that one bill has been eliminated. Once it is gone, instead of spending the extra money each month, put it toward the next smallest bill along with the extra you were already paying. Soon you will notice that your debt will begin to vanish rapidly.

Look at Interest Rates

People often pay attention to the main bill, but rarely the amount of interest they are paying each month. The numbers can be astonishing, but sometimes a little revamp of your personal finances is in order. Some credit card debt can be eliminated by getting a small business loan as many small business loan rates are much lower than the standard credit card rates.

Talk to Creditors

It is common to believe that the creditors are out for blood especially when they call every day. Instead of avoiding the call, talk to them and see if there are other options that can either lower your interest rates or reduce your monthly bill. The creditors want to work with you, but you have to talk to them first.

Forgiveness Programs

Student loans can be quite difficult to pay off and the interest rates are forever rising. Government programs however are now in place that allow you to reduce your debt and some will even forgive the loan. Search into forgiveness programs for student loan debt and find the one that is right for your situation.

Track Your Expenses

There are needed expenses each month, but sometimes certain purchases are simply unnecessary. If you are among the many who frequent the local coffee shops, tally up what you spend each week on your coffee. That number will likely shock you. Invest a little money in a coffee maker. You will save mountains of cash over the year and instead of spending it, pay extra on monthly expenses. Coffee is not the only item you likely do not really need each month, but it is a great start. Once your debt is paid off or down, you can bring those items back into the picture.

Debt might seem like it is a part of life, but with some smart, budget minded thinking, you will see that the debt that seems to have a hold on you, is something that can easily be eliminated.

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