Accelerate: The Fastest Way To Pay Off Debt

By: L. Sampson
Submitted: 2007-01-17 16:15:20
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

When people are in debt, their main focus is getting out of debt and as quickly as possible. However, many people have so much debt that they don’t know where to begin. People often start off strong and then find themselves making little progress on actually paying down the debt. There are ways to jump start your debt reduction plan, and best of all, they don’t take long at all to complete!

Slash your rates

I’m sure you have heard this before and questioned whether or not it could possibly be true. Well it is; you can call your credit card companies and ask them to reduce your interest rates. Provided that you pay on time, most credit card companies will reduce your rates a little bit. Tell them that you have been a customer for a while and have enjoyed doing business with them, but would like your interest rates lowered. Don’t try to negotiate for too low rates; it will never happen. Instead shoot to lower your rates about 5-7%.

Cut them up

That’s right, cut up your credit cards. Leave one for absolute emergencies, but the rest can be destroyed. Make sure you have your credit card numbers and other information in case you need to contact your credit card companies, but as long as you can’t carry the card around, you can’t spend on it either.

Low Limits

Another way to accelerate your debt is to call the credit card companies and ask them to lower your spending limits. Obviously you can’t make them lower than the balance on your card, but the lower they are the less you can spend.

Pay more than you have to

Many people just get by and pay the minimum balance due. This will get you nowhere! You are only paying interest and hardly paying anything off the actually balance of the card. Pick the card with the highest interest rate and work on it first. Pay as much as you can to that card every pay period. Pay a little above the minimum on the others until the first is paid off and then move onto the next.

Go to http://www.debtsanity.com for more information on how to Get Out of Debt.

Article source: Expert Articles

Most Recent Articles in Debt Relief category

  • Debts are harsh, do away with them - By: Jason Holmes
    Debts can impact your financial status miserably. But you can take control of your finances before they get out of hand. Opting for debt consolidation can be the first step to a debt free life.
  • Debt Relief Program - By: Shane Peeler
    Debt relief can be any consolidation program that provides freedom from debt or help in the process of elimination. There are many alternative solutions to debt problems that are more or less efficient according to an individual's situation and debts involved.
  • Debt Elimination May Be Your Best Debt Cure - By: Jim Vrana
    Too much credit card debt is a financial disease that needs to be cured. Selecting the best debt cure can be a confusing and stressful experience. It is a personal decision on how a person can relieve their debt burden.
  • What should you do if you have credit card debt? - By: Simon Duffy
    Yesterday I read some worrying news that credit card spending is still increasing dispite the past 12 months warning we've had in the form of the credit crunch...
  • Debt Management Services Uk: A Sensible Step Towards Financially Free Life - By: Ashton Gabriel
    Taking up debt management services in UK is an effective way to settle all due debts.
  • How To Get Rid Of Credit Card Debt - By: Michiel Van Kets
    Who doesn't have a credit card these days? Or perhaps a more appropriate question is 'Who doesn't have credit card debt these days'? Think back to when you filled out the first application for a credit card.
  • Debt Settlement - Avoiding financial fiasco - By: Jason Holmes
    Debt settlement allows a debtor to pay much less than he actually owes to a creditor. The process is sometimes referred to as debt forgiveness. A good debt settlement firm can reduce 40% to 60% of the total unpaid amount.
  • How to Choose Between Debt Management and Debt Elimination - By: Jim Vrana
    For people carrying too much credit card debt, choosing the correct debt relief program can be a confusing and stressful experience. There are many factors which are involved in this personal decision.
  • Can IVA Debt Help Clear All Your Debts Forever? - By: Paul Hockney
    An IVA is a debt help solution which can help reduce your debts by up to 75%. So waht is an IVA and can it really help clear all your debts forever. Here we explain an IVA and how it really works.
  • Debt Management Plan: Dream To Be Debt Free - By: Ashton Gabriel
    Now clear all your debts with utmost ease and comfort through a good debt management plan.