10 tips to get your debt paid off ASAP (Pt 2)
5. Sell any unnecessary items
Take a look around your house. Is there anything taking up space that you really don’t need? Maybe there are some larger items taking up space such as unnecessary furniture that could be sold to pay off your debts and decrease your financial burden.
6. Transfer your balances
If you’re paying high interest rates, transferring your balances can be a great way to save while you pay down the debt. If you’re having trouble paying your balances — and even the minimum payments — call the Consumer Credit Counseling Service. They provide free credit counseling and a debt management service for a 3% to 5% monthly fee not to exceed $50 (different for all states). Go to NFCC.org to find your local CCCS office.
7. Increase your income
If you’ve found you’ve done all you can to save and cut expenses, the next step might be to increase your income. You might find that searching for a better paying job is the way to go to increase your income — for the same amount of hours put in. This should be your #1 step!
8. Reward yourself when you experience a victory
This process of paying off debt doesn’t have to be a chore — make it fun for yourself! It can be more like a game if you reward yourself when you hit each milestone along the way. Every time you pay off a debt, do something to celebrate! Go out for ice cream, coffee, go to the movies, (ladies) get your nails done— anything that doesn’t eat into your budget too much. This will help to encourage you to keep moving forward on the progress you’ve made.
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