Consolidating credit debt
This will save you money and help you pay down all of your debts faster.
Another method a lot of people like to use to get out debt is to pay off small credit card balances first.
*Unfortunately, debt consolidation loans don't seem to help the majority of people get ahead.
We believe the reason for this is that when people obtain debt consolidation loans, they don't change their behaviours that created the debt in the first place.
The money you save by paying down your debts faster will be substantially higher than the interest you will earn in a savings account.
Also consider using income tax refunds, pay increases, or other unexpected funds to pay down your debts.
You're just going to use the money to pay down debt instead).Some people are motivated by numbers and some are motivated by feeling that they accomplished something and seeing that they are actually making progress. Go with the method that you think will work best for the way you tick.Once you've paid off a card, cut it up, and cancel the account. Many people regularly contribute to a savings plan, which is great, but consider that this is money that could help you pay down what you owe faster.When used correctly*, debt consolidation loans and balance transfers can be excellent ways to get out of debt.Consider consolidating your debts with a consolidation loan or transferring your credit card balances to a low rate credit card.