Are you are struggling with credit card debt or lines of credit?
Unfortunately, having thousands of dollars in debt at a young age has been established as the “new normal."
With student loans and credit card debt piling up, seeing the light at the end of the tunnel can be difficult.
Here are some strategies that can make paying off debt faster — and a whole lot less painful.
1. Sell items you don’t need.
Try to sell your extra items and use the funds to pay down your debts. You can sell items on Facebook, Nextdoor or even at a garage sale.
2. Take up a second job.
Earning more money can speed up the process of paying off your debt. With all the new apps available, you can look into finding a gig or part-time job in babysitting, landscaping the neighbor’s yard, cleaning houses, walking dogs, pet sitting or tutoring.
3. Pay more than the minimum amount due each month.
Carrying credit card debt, personal loans, or student loans? One of the best ways to pay them down sooner is by making more than the minimum monthly payment, if you are financially able.
4. Visit a debt management company.
Eliminating debt will improve your debt-to-income ratio. Don’t let debt steal your retirement.
If you struggle with more than $10,000 or even $100,000 in credit card debt or personal loans, you can get a free and no-obligation consultation with Debt Redemption.
Consultations are available by phone or in-person for local clients.
According to Debt Redemption, instead of throwing money away to high interest -- money that you may never see again, you could put $1,000 a month into a mutual fund at a 10% return, which could yield more than $400,000 in 15 years.
About $30,000 in high-interest debt could end up costing $90,000, but the real cost could be more than $400,000 in a lost opportunity.
“We are local and we love to meet with our clients in person,” said a representative for Debt Redemption. “Be wary of out of state companies on the internet. Many are not licensed in Texas, charge fees higher than allowed by state law and a lot of them do more harm than good.”