5 Smart Strategies to Pay Off Debt Faster
5 Smart Strategies to Pay Off Debt Faster Debt can feel overwhelming, but with the right plan, you can take control and become debt-free sooner than you think. Whether you’re dealing with credit card debt, student loans, or personal loans, these proven strategies will help you make faster progress. 1. The Debt Snowball Method Pay off your smallest debts first while making minimum payments on the rest. Each win gives you momentum. Learn how to use the snowball method at Ramsey Solutions . 2. The Debt Avalanche Method Focus on the debts with the highest interest rates to save more over time. This method is mathematically efficient. Use the calculator from Undebt.it to track your avalanche progress. 3. Consolidate Your Debt Consider a debt consolidation loan or a balance transfer credit card with 0% interest. Compare top options at Bankrate or NerdWallet . 4. Use Found Money Tax refunds, bonuses, or side hustle income should go straight toward debt. Even small extra paymen...