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					5 Ways to Pay Off Debt Fast

Debt is a plague and sometimes it seems that you cannot cure yourself from it.
By following these five simple debt paying methods, you can relieve yourself from
debt.

   1. Begin by Paying Off Your Credit Card Debt
        If you have multiple credit cards, you should consider transferring your
        balances to the lowest interest card you have. If this is too expensive
        for you then you should focus on one card at a time. Begin with the
        highest interest rate card and make larger payments while still making
        the minimum payments on the others. Once that card is done, cancel
        it and move to the next.

   2. Make Higher Payments – More than the Minimum
        If you only make your minimum payments the interest will keep adding
        to your balance. Soon you will only be paying on interest and none of
        your actual debt. If you can make payments that are higher than the
        minimum then you will begin chipping away at the balance itself and
        not just the interest.

   3. Ask For a Lower Interest Rate
        Believe it or not, you can actually call your lender and ask for a lower
        interest rate. Credit cards are very competitive and if you have
        received an offer for a special rate, call your credit card company and
        ask them to match it. By getting a lower interest rate you will begin
        chipping away at your actual debt.

   4. Consolidate Your Debt
        Debt is a lot easier to manage when it is one place and not multiple
        bills. With a debt consolidation loan you can use the money to pay off
        all of your debt and then begin making payments on one loan versus
        several debts with multiple interest rates.

   5. Stop Adding to Your Debt
         This may sound obvious, but you have to do it. So many people will
         make the minimum payments on their credit cards, but keep using
         them. Once you get your credit cards paid off, either cancel them or
         plan to pay them off each month so that you don’t find yourself in this
         situation again.

				
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posted:12/21/2008
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