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When money's tight and you're swimming in debt, bringing in additional income through extended work hours or a weekend side hustle isn't always an option. If that's the case, cutting some of the
"I decided to do a year-long Spending Fast to try to eliminate my $23,605.10 in debt," said Anna Newell Jones, creator of the blog AndThenWeSaved.com, which she started to keep herself accountable ...
Pay High-Interest Debt First If you have multiple kinds of debt, focus on paying off high-interest debt first, such as credit card balances or payday loans, Kovar said.
The steps to take include understanding what you owe, budgeting, resisting new debt and taking part-time work for extra money. When used correctly, debt consolidation loans or debt settlement ...
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When you pay off one debt, that frees up money that you can now use to tackle the next debt down the list. This concept is known as " the snowball plan ." Step 4: Trade In Big Ticket Items
Not only does it take patience, time and diligence, but also a clear understanding of why we get ourselves into debt in the first place. Was it that our wants were How Fast Should You Cut Your Debt?
Using a debt payoff method such as the debt avalanche or debt snowball can help you prioritize paying off higher-interest debt, allowing you to make the maximum impact on paying down your debt.