More and more Americans are finding themselves in debt at an alarming rate. Between car loans, mortgage debt, and credit cards, it can be a lot to pay off every month.
On average, American households spend over half of what they earn each month to pay off their debts, and the rest is spread thin to cover the rest of their needs. On top of debt, you may have medical bills to pay off or even be facing criminal fines. That being said, it’s easy to see why many families struggle with their finances each month. Imagine how much money you’d have if you didn’t have to give away half of your paycheck each month.
By taking control of your debt, you can live a better life with less stress about money. Here are some of the best tips for getting out of debt faster.
Pay More Than The Minimum Due
Anytime you take out credit, you agree to pay it back with interest attached. An average credit card includes about 15% APR with some ranging even closer to 24%. If you make the minimum payments every month, then it will take you considerably longer to pay it off.
The best way to pay off your debt sooner is to put down as much as possible each month. You’ll avoid penalties, and be closer to being debt-free in no time.
Get a Side Job
If you’re eager to get out of debt as soon as possible, then you’ll be willing to do whatever it takes. Finding a side job is a great way to aggressively pay off your debts as soon as you can.
By using whatever money you earn from your side job to pay off your debts, you’ll be debt-free much sooner!
Sell Your Old Things
If you want to make cash fast, then consider selling your old things you don’t have use for anymore. Most people have things lying around that they don’t use that could be sold to someone else.
You might not have ever taken the time to count up the amount of money that you may be sitting on in your garage. Rather than letting your old things gather dust, why not clear them out and use them to become debt-free! Not only can you make some extra cash, but you can also clear out your garage and get rid of clutter!
Negotiate Your Bills
If you have an interest rate on the higher end that feels impossible to pay off, then you should consider calling to negotiate. Believe it or not, it’s more common than you might think to ask your lender for a lower rate. If you always pay on time, they may just say yes!