In many cases, you can even get 0% interest for up to 15 months and sometimes longer. If you have good credit, you may qualify for a credit card that has a low promotional rate on balance transfers for a period of time. Next, you might try to see if you can refinance at least some of your debt at a lower interest rate. Look Into Refinancing Debt at a Lower Rate The organization will point you in the direction of free or low-cost credit counseling and debt management services in your area.ģ. If you’re intimidated by the prospect of trying to negotiate with creditors or refinancing loans, consider contacting the National Foundation for Credit Counseling. There is probably not much chance of negotiating your student loan rates but check with your lender to see if you might be able to get a discounted rate for using auto-pay, or consider trying to refinance those loans. If you’ve been a good customer and made at least your minimum payments for a period of time, the creditor may be willing to work with you on lowering the rate. In the example above, you might want to target Credit Card Issuer #3, since that rate is above the average. The average credit card interest rate in December 2022 was 19.59%, so there may or may not be some wiggle room here. Now that you can see what you’re up against, it’s time to find out if there’s anything you can do about getting some of those interest rates lowered. Your list of debts should look something like this: 2. The important thing is to get all of the information in one place because you will need it for the next steps. You can do this on a piece of paper or in a spreadsheet such as Excel or Google Sheets. That means you’ll need to make a list of all of your outstanding debts and include: The first step to tackling your debt is to make sure you know exactly how much you owe. Use the Avalanche Method to Start Paying Down Your Debt.Add Debt Payoff as a Line in Your Budget.Look Into Refinancing Debt at a Lower Rate.Take these steps to start paying down those outstanding balances, and you will soon find yourself on the path to being debt-free. Team Clark works with people every day to help them get out of debt. Follow This Plan To Get Out of Debt As Quickly as Possible If you’ve gotten yourself into a financial hole for whatever reason and are looking to get out of debt, it’s important to have a plan.įor example, it’s nearly impossible to get out of debt in a reasonable amount of time if you’re just paying the monthly minimums against what you owe.
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