Simple Methods For Reducing Debt

[{"selector":"#anim-f95aab6b-ff07-40ef-a3ff-789c07667d79","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more

Financial freedom might seem out of reach while staring up at a mountain of debt, but no one appears at the top of Mt. Everest. You get there one step at a time.

[{"selector":"#anim-10a5e665-3a50-4781-b2f6-b9c96f8ba260","keyframes":{"opacity":[0,1]},"delay":250,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9bb785a0-721d-431b-9148-98213135d4df","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4f09a458-828f-440f-bd5d-402716100924","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more

You’ll be much more successful if you have a thorough attack plan for your debt. Once you pay off your debt, you can put your money towards other things and find a sense of stability. Let’s get started!

[{"selector":"#anim-f27d25b8-0b0c-4187-9775-2e21e56e04a1","keyframes":{"opacity":[0,1]},"delay":250,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-22f24c94-c6b2-4beb-be4c-2694c3809ee6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-10e0f1a8-4e52-417d-b178-17182a242053","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-98ccc953-d0ee-409d-b319-59ed0959077a","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more

The Big Picture

[{"selector":"#anim-68bb6fb4-8f34-4b74-aa71-5164722f8c66","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-68df6cca-8f12-410f-868a-be29ae175f31","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2cf89b9a-6ee6-4538-aea4-15c42bab8afb","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-134c9670-711d-41b0-8efc-f77e93da1310","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more

Take note of the debt amount, interest rates, and how many payments you’re behind on. Debt.com even has a free debt worksheet to help you track it all. This list will help you figure out how you should prioritize your debt.

[{"selector":"#anim-9c084fa9-2b72-4ad5-a3c1-02c6a6a392fc","keyframes":{"opacity":[0,1]},"delay":250,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0992d507-185a-405c-b08f-68fc14e3657f","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2e1e377a-ecc5-4b3e-a1fd-0b40d7c1baf8","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dda8ab67-5aa9-44c3-8243-05071e971942","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cb5917d5-cf60-46ad-8005-d4c181f7a4bf","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more

Review your credit and budget

[{"selector":"#anim-5e556005-dea7-4599-a68a-8646890c5af8","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-50328c8e-b7b0-4720-8f56-a6f59230798b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7d66eab6-4974-4ae2-9dde-a1159f00a0f4","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e7b9fb93-f19b-4350-abf3-2b42199b93a5","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more

Once you know how the money you have coming in compares to what you owe, you can devise a perfect plan.

[{"selector":"#anim-5371eeff-926c-48ab-9013-9de3d3df50c8","keyframes":{"opacity":[0,1]},"delay":250,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a406aeb1-8b7c-4081-99c5-d5264adb64ae","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-90731a66-517d-4091-83c5-9f72b399ebb1","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-612c88c1-c77f-418d-870a-b8db3528b8e6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more

To use the snowball method, list your debts from smallest to largest. Start by paying off your lower debts, then slowly work up to the larger ones.

[{"selector":"#anim-702889d9-55fa-47ae-ad25-d4c426de62f8","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5180184f-52ab-4f45-8fb0-98ae36f2544b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f818d970-2908-4114-a4ff-1901956ba0f7","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more

Swipe Up

[{"selector":"#anim-618a8c80-76e0-4338-9627-eda61ebf159d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-220538b5-883b-4d91-a432-05fd35eb93aa","keyframes":{"transform":["translate3d(0px, -291.08193%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b188893a-c113-498f-9962-0d641e1fbc4f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-22efd7fd-f3a7-4240-9410-a1e0180fe1b6","keyframes":{"transform":["translate3d(0px, 181.56378%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

Simple Methods For Reducing Debt

Financial freedom might seem out of reach while staring up at a mountain of debt, but no one appears at the top of Mt. Everest. You get there one step at a time.

You’ll be much more successful if you have a thorough attack plan for your debt. Once you pay off your debt, you can put your money towards other things and find a sense of stability. Let’s get started!

The Big Picture

Before you can start, you need a clear picture of your situation. Then you can figure out the best way to get out of debt for your situation.

Take note of the debt amount, interest rates, and how many payments you’re behind on. Debt.com even has a free debt worksheet to help you track it all. This list will help you figure out how you should prioritize your debt.

Add Up Your Debt

Review your credit and budget

This might seem basic, but having these numbers down can help you. With your up-to-date credit report, you can gauge what kind of debt repayment plans you might qualify for.

Once you know how the money you have coming in compares to what you owe, you can devise a perfect plan.

Pick a Method of Attack

Pick a Method of Attack

To use the snowball method, list your debts from smallest to largest. Start by paying off your lower debts, then slowly work up to the larger ones.

Snowball vs. Avalanche Method

Swipe Up

for more finance, business, and real estate advice

Read More