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Knowing what you owe helps to formulate a plan to pay off debt

May 11, 2015 by · Leave a Comment 


Getting out of debt requires a strong will power and a plan. Sticking to a plan will be hard but making a commitment may get you out of debt. Here are some things that you can do to get your mind focused on paying off your debt and getting out.

  • Put all your debt information into a spreadsheet. It will show you not only how much you owe but also minimum monthly payment, interest rate, type of debt and many other details.
  • Look for ways to enhance your repayment schedule. Balance transfers often come with zero percent interest for few months to a year. This is a great way for you to create a timeline to get out of debt faster and wiser.
  • Negotiate higher interest rate to a lower one. You may get “no” for an answer more often but keep trying. Sometimes, refinancing to a lower rate could be possible. This strategy works for student loans.
  • Find ways to pay down more debt each month. Cut your expenses as much as possible. Online planners to find ways to cut costs are a handy help.
  • No matter what, stick to your plan. If needed make minor adjustments with paying off debt sooner in mind.

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