Sunday, November 14, 2010
5 Ways to DESTROY debt
1) Get a Second Job
Use the money from this job to only pay off your debts. List your debts noting the interest rates. Pay off the debts with the highest rates first and work your way down the list.
2) Put your Credit Cards on Hold
Immediately stop using credit cards. At the very least destroy all your cards keeping just one card for emergencies.
3) Set up a Repayment Plan
Cut back on your expenses and/or use freed up cash to pay down your debts. Pay off the debts with the highest rates first.
4) Get a Consolidation Loan
Get a loan to pay off all your many debts and have just one payment to make. The new loan usually has a smaller payment and a lower interest rate
5) Use your Assets
If you have assets with some significant equity, such as a home you may be able to use these to get control of your debt. For example, you could get a loan on your home sufficient to pay off your debts. You could be saving a considerable amount of money on interest if you pay off high interest credit card debt in return for lower cost debt.
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Debt
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