Inside: Tired of debt? Check out these easy steps on how to pay off debt fast. Say goodbye to those student loans, credit card debt or mortgage forever!
This year I am making it my big goal to really start paying off the mortgage. The last couple of years we have paid a little extra here or there, but nothing major. I decided its time to get busy and really get it paid off. I am hoping to get it all paid off just in time to send the kiddo off to college.
Over the years we have paid off my husband’s student loans, car payments, and a second mortgage way quicker than the life of the loan. I have learned a few tricks and tips to quickly paying them off. Whether you want to pay off your mortgage, student loans, or even credit card debt it takes a lot of perseverance. But, if you really work at it, you can get the debt paid off in no time. Kick your debt to the curb and pay it off fast with this simple tips on how to pay off debt fast.
Negotiate Lower Rates
Negotiating a lower interest rate can make a big difference in how soon you can pay off your debt. With a mortgage, it doesn’t always make sense to refinance to a lower rate, but with other forms of debt you can sometimes just ask and receive a lower interest rate.
Work On One At A Time
If you have multiple student loans or credit card payments work on one at a time. Pay the minimum balance on all but one. Pay as much extra as you can on one payment every month. I love Dave Ramsey’s method of paying the smallest balance one off first. Once you have the smallest one paid off you can take that money plus all the extra and apply it toward the next smallest balance. It doesn’t take long until you really start to see the results.
Sell Stuff
We all have those things we no longer use just laying around the house. I have a set of golf clubs my kiddo outgrew years ago! Instead of just having them collect dust, sell them. Every little bit counts when you are paying off debt. So go through your house and find some unused stuff to sell and put towards your debt. Amazon trade in is a super easy way to sell stuff quick.
Use Extra Money
I usually love tax time. Not because I think it is fun to do the taxes, but because I love getting a tax return. It’s money that I haven’t counted on during the year. Instead of going on vacation or spending it on an impulse buy you can put it toward your debt. It’s an easy way to pay off some debt. You can do the same with any bonuses or unexpected money you get. It really accelerates your debt repayment.
Get A Second Job
It may not be the easiest or the most fun, but money from a second job can really give you the momentum to pay off that debt. You can find a part-time job at night or find other ways to earn money from home. I have done everything from mystery shopping to babysitting to make some extra cash to pay off debt.
By paying off your debt you can have more money for things like retirement, savings, or vacation. Kick your debt to the curb with these tips. What tips or tricks do you have for how to pay off debt fast?
Want more money saving tips? Check out how we control spending using the envelope system.
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Nikki @ MBAsahm says
How exciting!! Good luck to you. I’m in the same boat. I really, really, really want to pay off the mortgage. It’s such a huge sum of money, but if we could pay it off it would open up a massive amount of monthly cash flow. Can’t wait to see how you do!
Lindsey Mozgai says
Good luck in paying off your mortgage! We don’t have a mortgage yet, so we don’t have any debt, but I can only imagine how stressful it must be to conquer such a big goal!
Vivian Smith says
I have no mortgage but plenty of credit card debt and now medical bills.
One year ago I started paying off the smallest credit card balance first. Then I did the next smallest balance next.
Then I called all my credit card companies and closed those I could and stopped late fees. I still have interest being added.
After reading this I am going to call credit card companies to see if they will lower my interest rates.
In between all this I have been dealing with surgeries, radiation treatment and the side effects from radiation treatments.
And a car repair I had no money for. A personal loan from a friend got my car fixed. However I can pay him back as I get extra.
I prayed for a year after my husband left me of how to get a budget and stick to it.
Praying for wisdom and talking to successful friends in the money aspects of life and my health has really helped. I am not in this alone!
Doing better now with monies.
All my earthly needs are met.
Julie says
Yes, definitely call the credit card companies and ask them to lower the rates. You can also call and negotiate medical bills sometimes. I have known multiple people that have their medical bills cut in half. It never hurts to ask. Congrats on getting those small credit card balances paid off! Each one gets easier.
Jackie says
Awesome goal. We refinanced our house about four years ago and we will be done paying on it one year before my oldest graduates High School. It’s an older house though so we might end up with a second mortgage for some repairs, but should still be able to have it payed off in a timely manner.