Consolidating credit card debt resources

04-Apr-2017 13:04

This will save you money and help you pay down all of your debts faster.Another method a lot of people like to use to get out debt is to pay off small credit card balances first.The money you save by paying down your debts faster will be substantially higher than the interest you will earn in a savings account.Also consider using income tax refunds, pay increases, or other unexpected funds to pay down your debts.Some people are motivated by numbers and some are motivated by feeling that they accomplished something and seeing that they are actually making progress. Go with the method that you think will work best for the way you tick.Once you've paid off a card, cut it up, and cancel the account. Many people regularly contribute to a savings plan, which is great, but consider that this is money that could help you pay down what you owe faster.One way to speed up your debt repayment and get out of debt fast is by reviewing your monthly expenses and looking for opportunities to cut your costs.

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This will help you stay within your budget and maximize your ability to pay down your debts.Once you have established an emergency fund and are saving for irregular expenses, you may want to consider suspending extra payments to Canada Savings Bonds or other savings accounts until you have paid off what you owe.