The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
The Kickass Entrepreneur
Subscribe
The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
  • Finance

Your Guide To Getting Debt-Free Faster

  • October 26, 2022
  • 445 views
  • 3 minute read
  • Frances
Debt-Free
Share
Tweet
Share

If we have to mention one thing that keeps you away from saving and getting an upper hand on money management, we would say debts. Paying off debts faster liberates you from the shackles of financial and emotional stress.

Fortunately, you can pay your debts early with some debt education and strategies. Read further to know how you can get debt-free faster. 

1. A Little Extra Goes A Long Way 

Beefing up the minimum amount you pay each month can help you get rid of your debts quickly. All you need to do is add a little amount to your minimum monthly installments whenever possible.

Make sure you take this route only if you have sufficient money to cover your essential expenses, like rent, food, transportation, etc. Paying extra will also save a good deal of money on interest. Talk to your lender regarding the same and discuss if there are any prepayment penalties.

2. Make Two Payments Instead Of One

 A bi-weekly payment plan against a monthly payment schedule is more rewarding than you imagine. It might not help you get rid of your loans quickly, but it will impact the interest you are paying. Additionally, it is more manageable than paying monthly. 

3. The Debt Snowball

It is one of the most effective strategies to pay off your debts faster. Under this strategy, you start by paying off your smallest debt first and then ascending to the larger ones. 

Start by listing your debts by balance. Pay the minimum on all other loans and the extra amount on your smallest debt. Once you repay it, move to another one on the list.

As you keep going with this list and cutting off the debts, you will have extra funds to add to your payments and get rid of your debts more quickly than you would have anticipated.

4. The Debt Avalanche 

 Another strategy that can help you get rid of your debts is debt avalanches. It entails paying off your high-interest debts first. 

Here too, you start by creating a list of your debts, but in the order of their interest rates. Pick the most expensive debt and add the extra cash to it. Pay the minimum amount on your other debts. 

This strategy goes a long way if you want to do away with your bad debts. 

5. Check The Lender Payment Programs 

If you are lucky enough, your lenders will have a program in place to help you pay your debts more quickly. Check out these programs and find the one that best suits your situation. However, before hopping on this wagon, make sure you know everything about the additional charges. 

If you are apprehensive about paying any extra charge, weigh it against the money you will save if you indulge in the payment program. In most cases, paying extra fees to get rid of the debts is always worth it. 

Reach out to a credit counseling agency to get the details about these programs. 

6. Check Out Debt Relief Options 

Debt relief options come to your rescue when you don’t have enough funds to repay your loans. But you can also use them to pay off your debts quickly, for instance, through debt consolidation. 

It allows you to consolidate your debts into a single loan and pay it off with one monthly payment. It lowers the interest rate and hence, proves beneficial. 

The Bottom Line 

Debts are a big burden. The sooner you get rid of them, the better it is. Use these strategies and tips to repay your loans faster and lead a stress-free life.

Furthermore, learn to be smart with your money. Consider enrolling in financial education workshops to develop money management skills. 

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

Related Posts:

  • Debt Free Story
  • Commission-Free Brokers in the UK: A Beginner's Guide
  • 10 Ways to Get Out of Debt Fast – Getting Out of Debt Fast Made Easy!
  • How to Learn Programming Better and Faster
  • Ways to Grow Your SaaS Startup Faster
  • 9 Key Areas to Invest In to Grow Your Business Faster
Share
Tweet
Share
Frances

Previous Article
root leaves
  • Finance

Pay It Forward: The Charitable Arm of Direct Sales

  • October 26, 2022
  • Meg Rivera
View Post
Next Article
damaged car
  • All Blogs

What Happens If You Damage A Rental Car Without Insurance?

  • October 26, 2022
  • Meg Rivera
View Post
You May Also Like
loans
View Post
  • Finance

Pre-Approved Loans – What You Need to Know

  • February 2, 2023
  • Meg Rivera
How to Become a Millionaire From Nothing
View Post
  • Finance

Building Your Financial Future with the Help of a Premier Local Bank

  • February 1, 2023
  • Meg Rivera
Financial Wellness
View Post
  • Finance

The HR’s Guide To Financial Wellness At Work: Transforming Company-Employee Relationships

  • January 26, 2023
  • Frances
Real estate broker agent presenting and consult to customer to d
View Post
  • Finance

Commission-Free Brokers in the UK: A Beginner’s Guide

  • January 18, 2023
  • Meg Rivera
Paper with VA loan - U.S. Departament of Veterans Affairs on the table, calculator and glasses
View Post
  • Finance

Are You Eligible For A VA Loan If You Already Have A House?

  • January 17, 2023
  • Meg Rivera
Paying Finance Jobs
View Post
  • Finance

What Are The 26 Best Paying Finance Jobs?

  • January 6, 2023
  • Frances
Bitcoin,And,Canada,Flag.,Concept,For,Investors,In,Cryptocurrency,And
View Post
  • Finance

Who Regulates Cryptocurrency Exchanges in Canada?

  • December 19, 2022
  • Meg Rivera
insurance
View Post
  • Finance

What Is Medical Billing?

  • December 16, 2022
  • Frances

Join 6,472 Entrepreneurs That Get My Business Building and Wealth Creation Posts by Email

I can teach you how to build a successful, profitable business, and turn that into millions in personal wealth.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

We won’t send you spam. Unsubscribe at any time.

Recent Posts
  • Investing in Multifamily Properties 1
    How to Choose the Right Neighborhood for Your Family: A Guide to Making the Perfect Choice
    • February 7, 2023
  • Chiropractic 2
    The Ins And Outs Of Starting Your Own Chiropractic Practice
    • February 7, 2023
  • Apple Device 3
    The Impact Of New Releases On The Value Of Your Used Apple Device
    • February 6, 2023
  • Trucks in a row with containers in the parking lot. Logistic and Transport concept 4
    Make Your Commercial Fleet Fuel-Efficient With These Tips
    • February 6, 2023
  • fist bomb 5
    5 Key Elements of effective teamwork
    • February 6, 2023
Featured Posts
  • Become a Decamillionaire
    How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club
  • how to become wealthy
    The Entrepreneur’s Secret to How to Become Wealthy and Build a Personal Fortune
  • Most Profitable Small Businesses
    27 of the Most Profitable Small Businesses to Open in 2023
Categories
  • All Blogs (1,031)
  • Business (181)
  • Canadian Financial Products (4)
  • Create Wealth (Investing) (129)
  • Entrepreneur Interviews (24)
  • Featured Post for Main Menu (4)
  • Featured Top Posts (23)
  • Finance (39)
  • Financial and Investment Calculators and Economic Data (114)
  • Fitness (5)
  • Growing Profits (71)
  • Growing Revenues (70)
  • Growing Revenues (115)
  • Marketing (132)
  • Millionaire and Business owner interviews (3)
  • Positive State of Mind (68)
  • Real Estate Investing (16)
  • Retirement (13)
  • Reviews (12)
  • Sales (15)
  • Sell Me This Pen (8)
  • Selling your Business (13)
  • Startup Ideas (13)
  • Technology (102)
  • Top Products (4)
  • Uncategorized (54)
Follow us
Author
Jeff Wiener
Jeff sold his company to private equity in 2017 and is now semi-retired. Jeff spends time…

    CHECK OUT MY BLOG, AND SUBSCRIBE

    about
    The Kickass Entrepreneur

    Expand Your Business, Improve Profits, Create Wealth

    Expand your business, improve your profits, and create wealth. Each one of the three can be elusive goals. Follow the right steps, and you, too, can create financial independence. It is possible … you just have to take the right steps.
    NAVIGATION
    • About
    • Blog
      • All Blogs
      • Create Wealth (Investing)
      • Entrepreneur Interviews
      • Featured Top Posts
      • Growing Profits
      • Growing Revenues
      • Marketing
      • Positive State of Mind
      • Real Estate Investing
      • Retirement
      • Sales
      • Selling your Business
    • Book
    • Courses
    • Podcast
    • Resources
    • Contact
    TAGS
    apartment BATNA Business business failure business growth business sale Capitalization Rate CAP Rate cash cash flow Creating Wealth Discipline entrepreneur entrepreneurship excel extra cash Featured goal setting Growing Business investing investment real estate M&A marketing Marketing KPIs Mergers and Acquisitions | M&A | Entrepreneur Blog Millionaire millionaire next door mistakes MUR Peter Principle Profit profitability real estate retirement revenue Revenues sales sales management Semi-Retirement Blog | Entrepreneur Blog | Small Business Blog small business Stagnant stocks success Thomas Stanley wealth
    RECENT ARTICLES
    • man looking at his tablet
      These Are The 7 Mistakes Six-Figure Earners Make
      • January 7, 2023
    • starting your own business
      6 Must-Know Tips For Starting Your Own Business
      • January 1, 2023
    • business loan application
      3 Ways to Use a Business Loan in 2023
      • December 27, 2022
    • bitcoin
      Why Invest in a Bitcoin Casino: Understanding the Crypto iGaming Business
      • December 22, 2022
    • money in grass
      Getting an Affordable Home Loan for the Eco-Home of Your Dreams
      • December 22, 2022
    • saas sales
      3 Proven Tactics to Increase B2B Wholesale Sales
      • December 22, 2022
    The Kickass Entrepreneur
    • Coaching
    • Book
    • Blog
    • Contact
    • Privacy Policy
    • Terms
    • Disclaimer
    • Facebook
    • LinkedIn

    Input your search keywords and press Enter.