5 Easy Ways to Pay Down Debt

5 Easy Ways to Pay Down Debt

Debt reduction strategies

No one likes debt, especially bad debt. While paying it down can be a struggle, here are 5 easy ways to pay down debt that are sure to kick start your goal

  1. Balance transfer to a 0% card.  For example, the Barclaycard Ring Mastercard offers $0 annual fee, and 0% APR for 15 months. Then pay down the card as you were before… only now you’ll be able to pay it off faster while potentially saving thousands on interest!
  2. Have your bank automatically pay down $24/week to debt.   Yes $24!  Why?  Because its such a small number, you won’t likely notice it.  I did this once, and forgot about it, and had a $1000 CREDIT on my credit card when I remembered to check!
  3. Ask the current lender to lower the interest rate – this way more of your payment will go toward the principal! 
  4. Use Credit Card points and convert them to cash.
  5. Round up your payments – If your payment is $205, round it up to $210, or $250. 

-Rick


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