5 Easy Ways to Pay Down Debt
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
- 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!
- 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!
- Ask the current lender to lower the interest rate – this way more of your payment will go toward the principal!
- Use Credit Card points and convert them to cash.
- Round up your payments – If your payment is $205, round it up to $210, or $250.