Blog: debt

How To Pay Down Debt


You may have borrowed some money, maybe you have student loans, or you just took on a mortgage and are wondering, "How do I pay down debt quickly?" That usually depends on your salary. There are no real shortcuts, especially when you are paying down debt with interest. There are ways, however, to focus on debts that are more costly and pay it down faster. If you are willing to make the sacrifices necessary to do it, you can pay down your debts as quickly as you want as long as you are realistic with how much money you can send towards paying down your debt.

Paying down debt quickly usually requires some sacrifice, but it hardly means you have to give up your lifestyle. For starters, hop on Credit Karma or look up a credit card offers with a $0 annual fee or ones that offer a transfer at 0% for 12 - 18 months. There are also specific loans designed to help pay down debt faster, such as a company that specializes in student loan debt, and instead of paying 5% or 7%, you'll end up paying 3% or 4% which can save you thousands of dollars every year.