How to Reduce Your Debt Faster

Are you paying extra money each month in order to reduce your debt faster? Do you send your extra payments off at the end of the month? Follow the steps outlined below and you will reduce your debt faster than you ever though was possible.

Instructions

1

Sign up for online bill pay - Almost every bank now has the ability to allow their customers to pay their bills online. Not only do you save on stamps and envelopes, you can pay your bills in about half the time it normally takes. It is safe and secure and your deposits are guaranteed by the FDIC for up to $250,000 per account.

2

Pay your extra payment immediately - Are you planning on paying an extra $200 this month to one of your bills? Are you holding it in case something comes up in which you may need that money? I will tell you from personal experience, life will happen and you will spend that money. Instead of waiting until the end of the month to send in that extra payment, send $50 a week during the month. If something does come up, you will still have some money left to take care of it. If nothing comes up, you will ensure the full amount makes it to repay your debt. This is why you need online banking access. The extra amount you send will hit your debt within a few days, thus lower the amount of interest that will be charged to your account.

3

Earn additional income - Since your overall goal is to reduce your debt faster, figure out a way to make some extra money. Get a part-time job, start a blog, sell things on eBay, etc. I have listed a few easy ways to make an extra $25 to $50 a month below in the resource boxes. They have worked well for me over the past 6 months.

4

Educate Yourself - There are so many ways to learn about personal money management and debt reduction. Google "personal finance" and visit a few blogs. Go to amazon.com and purchase Dave Ramsey's Total Money Makeover (link below). Following these methods will help you reduce your debt faster.