Smart Ideas to Pay Off Debt Fast (A Complete Guide)
The average American household carried $137,000 in debt. Here is a list of ways to help you pay off debt fast. Be sure to first figure out how much debt you owe.
1. Use the Debt Snowball
The debt snowball approach is the simplest way to pay off debt fast, no matter the depth of your knowledge is when it comes to money.
2. Debt Avalanche
The debt avalanche a powerful strategy that can be implemented to pay off debt. Debt avalanche is based on interest rates, not the principal amount owed.
3. Cash Windfall
Don't treat the extra cash like it's free money to spend, use it to pay off your debt following your selected strategy.
4. Pay Yourself First
Selecting a debt payoff strategy is simple, however making sure you guarantee you pay a specific amount towards debt each month can be the challenging part.
5. Rent a Room Out
Consider renting a room to earn some extra money to offset living expenses. In turn, you will free up money in your budget to use towards your debt.
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