Pay more than the required payment (make extra payments in the manner your lenders prescribe - so you don't lose out because of computer errors, etc.) - focus on your highest rate debt first.
One of the best things you can do to pay down that principal is to pay twice a week, which would be the ideal plan anyway if you have weekly or bi-weekly paydays, if there are no fees levied and if your financial advisor is credible. The proof is in the simple math pudding - if somebody pays half of the required monthly payment twice a week, he or she is making about 13.05 payments over twelve months. The person who does so, pays the loan off early, and pays significantly less interest - especially on a mortgage loan (a person who pays a payment bi-weekly can reduce a 30 year mortgage by more than 7 years, and save many thousands of dollars in interest). If you wish to match the bi-weekly advantage, but still make monthly payments, multiply your required monthly payment by 13.05 and divide by 12. You can pay that each month to gain a similar advantage.
Use the law of payment application. If you have several debts, pay as much as you can on you highest rate debt and the minimum required payments on your other debts. Basic math will be your best friend as you pay off the highest debt, take the amount you were paying monthly on it and add it to the minimum payment on the next highest, and so on.
Why refinance when you can just bust out a calculator and use the above tactic - you may even get lower rates!
Do not splurge the moment you get an increase in pay or bonus - use most, if not all of it towards paying off existing debts. Perhaps you were not in a bad way before you got that extra money. So save the shopping spree for the winning lottery numbers and use that extra money wisely!
If you have the opportunity to work some overtime, use that money to help pay off your debt. If the end result would be paying off your credit card debt much faster, then make the sacrifice and take a second job, if it is feasible.
Take all your unnecessary, superfluous items around the house and auction them off on eBay...or have a yard sale. Use your profit to pay off that no-good stinking debt!
Cut every corner that you can. Pass up the usual lunch time order to go and bring a home-cooked brown bag lunch instead. This might also be a good time to quit drinking (alcohol and coffee) and smoking - your health would benefit and so would your finances!
Toss your loose change in a jar once you get home from work. Every month put the money in the bank and use it help pay off your debt.
Go an extra week or two without that haircut. Don't go out to the movies (or at least cut back). Cancel your cable account.
Cancel your cell phone or landline - preferably the latter.
Think about it. The ways in which you can save a hundred or maybe two hundred dollars for every month till you pay down your debt are countless. Use the techniques above AND THEN SOME so you can pay off that debt and get that monkey off your back...down, boy, BAD MONKEY!
One of the best things you can do to pay down that principal is to pay twice a week, which would be the ideal plan anyway if you have weekly or bi-weekly paydays, if there are no fees levied and if your financial advisor is credible. The proof is in the simple math pudding - if somebody pays half of the required monthly payment twice a week, he or she is making about 13.05 payments over twelve months. The person who does so, pays the loan off early, and pays significantly less interest - especially on a mortgage loan (a person who pays a payment bi-weekly can reduce a 30 year mortgage by more than 7 years, and save many thousands of dollars in interest). If you wish to match the bi-weekly advantage, but still make monthly payments, multiply your required monthly payment by 13.05 and divide by 12. You can pay that each month to gain a similar advantage.
Use the law of payment application. If you have several debts, pay as much as you can on you highest rate debt and the minimum required payments on your other debts. Basic math will be your best friend as you pay off the highest debt, take the amount you were paying monthly on it and add it to the minimum payment on the next highest, and so on.
Why refinance when you can just bust out a calculator and use the above tactic - you may even get lower rates!
Do not splurge the moment you get an increase in pay or bonus - use most, if not all of it towards paying off existing debts. Perhaps you were not in a bad way before you got that extra money. So save the shopping spree for the winning lottery numbers and use that extra money wisely!
If you have the opportunity to work some overtime, use that money to help pay off your debt. If the end result would be paying off your credit card debt much faster, then make the sacrifice and take a second job, if it is feasible.
Take all your unnecessary, superfluous items around the house and auction them off on eBay...or have a yard sale. Use your profit to pay off that no-good stinking debt!
Cut every corner that you can. Pass up the usual lunch time order to go and bring a home-cooked brown bag lunch instead. This might also be a good time to quit drinking (alcohol and coffee) and smoking - your health would benefit and so would your finances!
Toss your loose change in a jar once you get home from work. Every month put the money in the bank and use it help pay off your debt.
Go an extra week or two without that haircut. Don't go out to the movies (or at least cut back). Cancel your cable account.
Cancel your cell phone or landline - preferably the latter.
Think about it. The ways in which you can save a hundred or maybe two hundred dollars for every month till you pay down your debt are countless. Use the techniques above AND THEN SOME so you can pay off that debt and get that monkey off your back...down, boy, BAD MONKEY!
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