Phoenix, AZ -- (ReleaseWire) -- 12/04/2012 -- Paying off debt is a very tough thing to do. However, there are some effective methods to pay off debt faster, and here is a look at some of them. Before selecting any of them, write down every bit of money owed and to which creditor so there’s an exact total of how much in arrears one is. Try a few “home remedies” first. Cut back on frivolous spending such as taking long vacations or eating lunch at a restaurant each day. Put the money saved from this activity into a jar, and at the beginning of the month, apply it toward the debt. Hold a garage sale to get rid of items no longer needed or wanted. Pick up a weekend job and use the paycheck for debt repayment.
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While all of the ideas above will help pay off debt fast, there are even more that can accelerate the disappearance of owed money. Look into a debt consolidation loan, which is disbursed to one’s creditors, leaving just one monthly payment to the lender, rather than several reimbursements to many businesses. Ask a friend or family member for an advance of enough to cover everything owed and let that person see the actual debt repayment. See if a life insurance policy has a cash value and use it to eradicate debt quickly. Use computer programs to set payment reminders or jot due dates down on the kitchen calendar so they don’t get overlooked. Put the debts in order of importance, such as from highest interest rate to lowest. Aggressively tackle it without forgetting about money to live on, and soon there will be no more debt to get rid of.
One of the most effective ways to pay off debt fast is to set a budget – and stick to it! By living within the constricted parameters of a reasonable but strict budget, one can guarantee that the creditors’ payments will be there each month. This will make it much easier to pay off what is owed in record time. Remember that paying off debt improves credit standing, so keep at it in order to obtain loans, etc, in the future.
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