How do I pay off debt faster?
List all debts, pay the minimums, and put extra money towards one debt at a time.
The key to paying off debt faster is to pay more than the minimum on one debt while covering minimums on the rest. Two popular methods are the snowball and the avalanche.
Start by listing every debt with its balance, interest rate and minimum payment.
Debt avalanche
Put extra money towards the debt with the highest interest rate first. This usually saves the most money.
Debt snowball
Pay off the smallest balance first for quick wins and motivation, then roll that payment into the next debt.
Other tips
Stop adding new debt, ask lenders about lower rates or consolidation and use windfalls for repayments. If you are struggling, get free help from a reputable debt advice service.
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