4 Tips from America Saves on ways to Reduce Debt:
- Get a Clear View of Your Finances – When you know your exact income and expenses, you can better steward the discretionary income left over after your bills are paid. It will become easier for you to decide how much to spend, if you can put more toward debt, what goes into savings, and whether to begin making investments.
- Work with What You Have – When you’re paying down your debt, one conscious decision to adopt is to stop adding to your debt.
- Increase Your Income – If you can, consider increasing your income temporarily, allowing you to put more money towards your debt.
- Paying it Off for Good Starts with a Decision – There are many strategies to use when working toward paying off your debt. The most popular strategies include the snowball method or the avalanche method. By deciding which method, you want to use beforehand, you will reap the benefits of paying it off faster.
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