Business & Finance Bankruptcy

How to Pay Off Debt Fast

    • 1). To pay off debt fast, really fast, you can get a second job specifically for that purpose. Whether it is a job doing freelance work, or working at the local convenience store (they always seem to have openings), earmark the money for debt repayment, and don't use it for anything else. If you do, you'll end up having to work two jobs to survive, which defeats the purpose!

    • 2). You'll pay off debt fast if you pay off the debt that has the highest interest rate first. If possible, transfer balances with a high interest rate to a card with a low interest rate. Then close the account on the card with the high interest rate immediately, because you don't want to end up with more debt to pay off!

    • 3). Work out agreements with to pay off debt with hospitals and other entities that don't have interest charges. Continue to focus on getting rid of the credit card debt.

    • 4). Apply any lump sum of money you receive, such as tax rebates and birthday gifts, toward your debt.

    • 5). You'll also be able to pay off debt fast if you eliminate all nonessential purchases. Look at how you got into debt in the first place and change your behavior now. If your living expenses are too high, work to change that. Otherwise, you'll find yourself in debt again quickly. The money you put towards debt now by eliminating extra expenses is money that can be put into savings once the debt is all paid off.

    • 6). A radical way to pay off debt fast is to get a job in another country where your housing is paid for and you can sock your earnings away. Teaching English as a Second Language for a year in UAE or even China can net you thirty or forty thousand to put towards your debt.

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