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There are many ways to approaching debt payoff. Best way may vary due to the type of debt you face. Some general ways to start:
- Create a budget and stick to it. There are online tools like Mint.com or you can use an excel spreadsheet. Excel is a great way and it is easy to update.
- The most expensive debt should go first. Usually that will be credit cards. Check all cards and sort them by rate.
- Don’t just pay the minimum balance. try doubling the minimum or make weekly payments which will reduce overall interest.
- Use balance transfers to lower your rate. Take advantage of promotional rates.
- Stop using the cards
- use bonuses and cash gifts to pay off debt.
- Don’t store credit card info with online retailers. You tend to buy without thinking.
- Sell unwanted or unused items around the house.
- reward yourself for reaching goals.