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Here are few more methods to consider: Limiting your expenses is one of the easiest ways to tackle debt.
To make sure you’re saving as much as possible, create a detailed budget with your monthly income, your regular expenditures and all of your debt. These budgets make you account for every single dollar you earn, letting you see exactly how much you can commit to paying off your debt.
Personal loans can be used for almost anything, including paying off debt.
The idea here is simple: instead of juggling multiple monthly payments, you can take out a new loan and use that money to pay off all of your debts at once.
This method involves tackling your lowest balance first, then building momentum as you pay off each debt from smallest to largest.
Similar to the debt snowball, the debt avalanche method involves organizing all of your debts and tackling them one by one.
With this strategy, you organize your debts in order of interest rate — from highest to lowest — then start by paying off the debt with the highest rate.
It’s a great way to save money, especially if you have a few debts with particularly high rates.
Ultimately, it depends on your financial situation.That way, you’re stuck with just one payment — a fixed-rate home equity loan — instead of multiple debts with varying monthly payments.Balance transfer cards are credit cards that have low or no interest rates for the first six to 18 months.Debt consolidation is the process of replacing several debts with one, combined debt.Essentially, it involves taking out a new loan — or a balance transfer card — that you can use to pay off your existing debts.