In this article, I’m going to share with you some of the ways that I’ve used to get out of debt. I hope this helps you make decisions on how to pay off your debts and pay back the debt you owe to yourself.
The first way is to take advantage of certain circumstances such as –
– Working for the credit card companies as a debt collector. Not only can you get good money for this, but you’ll also help people out, which is great.
– Having the ability to “roll over” your debts, meaning you can change your repayment plans on your loans without any type of penalty. Doing this will not only save you money, but it will keep you from having to pay all your debts at once.
Paying yourself first (paying into a savings account, then paying off your credit cards). This means you pay off the balance in full each month, instead of missing a payment by having the card maxed out.
I’ve read of a few others that you can try to use for how to pay off your debt quickly. But, there are several drawbacks to these so-called methods.
Credit counseling is a way of turning debt into cash, although they charge a fee for this service. You can find debt consolidation companies on the internet that can help you find a company that can consolidate your bills into one monthly payment for you.
Some may argue that this sounds too good to be true. And that it may put your personal credit rating at risk.
One thing you should know about consolidation is that your credit score will go down, but it won’t take long. The score is only hurt temporarily.
The bad news is that it will definitely take a while before you see any benefit. But it will be worth it because of the fact that you have one payment per month to deal with, rather than being up all night trying to get multiple payments to go out on time.
Debt consolidation is an option if you choose to keep paying your high interest credit cards. Instead of getting rid of all your credit cards, you can keep them and consolidate them all into one payment.
Debt consolidation will eventually work in your favor in the long run, but it will take some time. If you don’t want to pay for debt consolidation now, but rather wait until you’re better off in the long run, consider the above methods for how to pay off your debt quickly.