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easy ways to eliminate debt quickly

A lot of people who are in debt want to pay this off but don't spend much time to find out how to do this. Here are some tips on how you can start taking steps to eliminating debt. Once you know the steps to take, the process is simple and you can start taking control of your money and debt situation.

I really want to help you get out debt, whether it is credit card debts or loans. (Not mortgages as this is good debt that is paying for an appreciating asset). If you are in debt, you are not in a position to make more money. So please read these tips and then you MUST TAKE ACTION! Nothing is going to change unless you take action. I can't stress this more. 

A lot of people are paying off everything on time now but don't see their debt reducing. These tips are going to help you to make the same payments but reducing the debt faster. These techniques are not about refinancing your home, debt restructuring or taking a debt consolidation loan as this is just increasing your debt rather than reducing it. 

If you are serious about this, you can find 10% of your net monthly income to

Getting a debt forgiven or written off, there is a lot of fine print that you don't know about and don't understand. You might damage your credit if it has not been damaged already. A lot of times, your creditors will work with you. Deal with them directly and do get in touch with them, especially if your situation is temporary. Mostly, they are happy to freeze the interest on your debt.

1. Prioritise your debt

The more debt you have the better. Debt is something you can get rid of and bills are things that you will always have. Firstly, if you are paying off a little bit more on all your debt every month to try to reduce the debt owed or if you are putting a little bit of money into a savings account at 3% , add all this up. So if come up with 200 extra a month, without changing your lifestyle,  which I think is important if you want this technique to be sustainable. Take this larger sum, pay off the smallest debt so you reduce the number of debts you have.

Don't worry about the interest rate, mathematically this makes sense but it is against human nature and it will not really help you reduce your debt. Your highest interest rate debt may also be your largest debt, so you will end up just chipping away at this large debt and it won't make much difference.

2. Saving your way to higher debt

Your savings account could be getting you deeper into debt. Most people think that they have to have a savings account, being their token action to save towards their retirement and are increasing their assets. This is not true if you have debt as well.  Think about this, your savings account pays 3% - 4% a year and you pay tax on this. It would be better use of this money to pay off your debt which is probably charging you an interest ranging from 10% to 25% .

3. Lower your credit card rate

Getting a lower rate on your credit card, especially if you have been a customer for a long time. Take all the credit card companies that are offering all these good deals and ask your existing card if they will match the deal. Talk to the card company and ask to talk to someone high up the food chain who can decide this and you will eventually reach someone who can decide this and you will lower your interest rates.

Or ask them, I am paying 15% and this other card is offering 0%, ask if you should switch? Ask their opinion. If they don't help, it is still worth considering switching to a 0% card, this means that the money you were paying toward a 15% credit card is now going to towards paying the towards the debt and not just the interest.

4. Consider different mortgage payments terms.

Mortgages are average 30 years, if they take a 15 year mortgage, the payments will be double but this is not true. Ask for the difference, it could be a very small difference. The total that you will eventually pay 30 years over 20 years,

30 years, you will end up paying about 3 times the value of your house, so if you have a 100,000 house, you will end up paying 300,000 for your house. If you had a 20 year mortgage instead, you could save thousands in mortgage payments. 

Other related articles about investing:

An Introduction to Day Trading
Managing and Eliminating Debt
Have you started investing for your retirement?
An Introduction to Stock Market Investing
What is a hedge fund?
Easy way to find money to save

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