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Best Strategies To
Get Rid Of Debt Fast

Tuesday 5th November 2019




Sudden job loss, unexpected illness or a home repair may force people to borrow money.

To get some money, people often accept loans at expensive rates.

Remember, debt becomes an easy option to manage your expenses, but it can increase complications in your life. In numerous cases, repaying a debt becomes a nightmare. Sometimes, things get out of control before you realise.

Remember, debt becomes an easy option to manage your expenses, but it can increase complications in your life. In numerous cases, repaying a debt becomes a nightmare. Sometimes, things get out of control before you realise.

If you want to decrease your financial stress, you have to change your habits of overspending. Control your expenses and increase your savings. Fortunately, some strategies are available to pay off debt faster.

If you are serious about living a debt-free life, here are some tried and tested methods.

IVA (Individual Voluntary Arrangements)

An IVA is an agreement between you and your creditors to repay your debt in parts or pay all.

It will be an agreement to make payment in regular installments to an insolvency expert. He will become a middle man to divide the money between creditors.

With an IVA, you will get better control of your valuable assets as compared to bankruptcy.

For IVA Help & Advice, consult a qualified insolvency practitioner.

He will work out to set affordable payments for you. Make sure to share details of your financial situation with an IVA, such as creditors, income, debts and assets.

Try to Pay As Much as You Can

If, for example, you are carrying a balance on your credit card of £15,609 and paying 15% APR, the minimum monthly payment will be £625.

It will take almost 13.5 years to pay off this debt. Remember, this period will work if you stop adding to this balance.

It doesn’t matter whether you have credit card debts, student loans and personal loans; you have to pay them as soon as possible. Try to pay more than your minimum amount. It will help you to save money on interest for remaining loan. Moreover, it is an excellent way to speed up the payoff procedure. To avoid possible headaches, avoid prepayment penalties on your loans.

'Snowball' Method To Repay Debt

If you want to pay the maximum debt, use a snowball method.

It will help you to build momentum and pay more amounts. Make sure to list your debts from the smallest - largest sums. Throw your extra funds at small balances and make minimum payments on larger loans. After paying the low balance, put extra money for the next low debt and continue this process until you pay off everything.

Use A 'Side Hustle'

Snowball method will help you to speed up your repayment process. To amplify your efforts, make sure to increase your income. Monetise different skills and talents, such as virtual assistant, house cleaning and babysitting, to earn money.

Create a bare-bones budget to pay down your debt faster. Make sure to cut your expenditures and increase savings.

A bare-bone budget will help you to reduce unnecessary expenses. You have to cut down your luxuries, such as avoid dining out, and cut off cable television and unnecessary expenditures.

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