5 Ways To Pay Off Debt Fast

1. Begin by Paying Off Your Credit Card Debt

• If you have multiple credit cards, you should consider transferring your balances to the lowest interest card you have. If this is too expensive or not an option, then you will want to focus on one card at a time. Begin with the highest interest rate card and make larger payments while still making the minimum payments on the others. Once that card is done, cancel it and move to the next.

2. Make Higher Payments – More than the Minimum

• If you only make your minimum payments the interest will keep adding to your balance. Soon you will only be paying on interest and none of your actual debt. If you can make payments that are higher than the minimum then you will begin chipping away at the balance itself and not the interest.

3. Ask For a Lower Interest Rate

• Believe it or not, you can actually call your lender and ask for a lower interest rate. Credit cards are very competitive and if you have received an offer for a special rate, call your credit card company and ask them to match it. By getting a lower interest rate you will begin chipping away at your actual debt.

4. Consolidate Your Debt

• Debt is a lot easier to manage when it is one place and not multiple bills. With a debt consolidation loan you can use the money to pay off all of your debt and then begin making payments on one loan versus several debts with multiple interest rates.

5. Stop Adding to Your Debt

• This may sound obvious, but you have to do it. So many people will make the minimum payments on their credit cards, but keep using them. Once you get your credit cards paid off, either cancel them or plan to pay them off each month so that you don’t find yourself in this situation again.

Debt Consolidation - How To Choose Your Credit Counselor

Every different bad debt situation demands a different solution, and there is no one-glove-fits-all solution. Depending on your financial condition and the severity of your bad debt, a solution has to be designed for you. With a number of solutions possible, it is best you go for a debt consolidation credit counseling.

Credit counseling is also mandatory, under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, if you are thinking of filing for bankruptcy. A credit counselor does not necessarily advise debt consolidation straight away. He assists you with your problems by helping in planning repayment schedules, helping create a viable budget, and advising you on how to avoid debt and credit problems in future.

Selecting A Credit Counselor

There are an endless number of credit counseling services and not all of them are scrupulous as they are interested only in making money for themselves. Styling themselves as non-profit, some have direct links with debt consolidation companies, and would urge you to go for debt consolidation through their associate companies .

You could land up with a loan that is not helpful to you at all. You need to choose your credit counselor with care. Check with the Better Business Bureau (BBB) before doing anything else, to ensure there are no complaints against the company. Then check to see if the company is registered either with the National Foundation for Credit Counseling, or Association of Independent Consumer Credit Counseling Agencies, or both.

Shop around and compare the services provided by the various credit counselors. A good credit counselor gathers all information about your debt to determine the best course of action for you. Be wary of counselors who ask fees upfront that seem to be excessive. There are no quick solutions and a competent credit counselor will tell you to work your way out of your bad debt.

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