0
To pay off existing debt, Dave Ramsey (www.daveramsey.com/) recommends this method: Rank your in terms of amount with the smallest debt first. Get your budget in order. When you pay your bills, pay only the minimum amount except for the first debt (the smallest) on your list. To that one debt, apply as much extra as you can, which will pay off that debt more quickly. When you have cleared the first debt on the list, apply this method then to the next debt. Continue until each debt is cleared. Many people try to pay $10 or $20 extra on all the debts, which doesn't do a lot of good for any of them. Focus any extra funds (which requires cutting a lot of extras from the budget) on a single debt as you work through the list. Avoid debt counseling, which costs more of what you already don't have enough of.
Wiki User
∙ 9y ago
Wiki User
∙ 7y agoPay as much as you are able each month to reduce the principal balance and thereby pay less interest.
Add your answer:
Earn +20 pts
I'm in serious debt what is the fastest why to pay it off?
The best way to pay you debt off fast is to simply pay it. Stop spending unecessarily and focus all your extra money on your credit card bills.
How is the best way to quickly pay off corporate debt?
The best way to pay off corporate debt is to pay the high interest credit cards off first. If that does not work a company must consider filing for bankruptcy to escape debt.
What is the fastest way to pay back a credit card debt?
The fastest and best way to pay back a credit card debt is to pay more than the minimum payment. It is best to pay as much as you can afford in order to pay the balance down as soon as possible. The quicker you pay down the balance the less interest you will end up paying.
How can one pay your credit card debt?
The best way a person can pay their credit card debt is by getting a job to earn money to pay off the debt. By being wise about how their money is spent, a person can begin to pay off the debt without creating more.
What is the fastest way to pay off bills?
The fastest way to pay off bills is to pay them online using a credit card or a debit card. Most companies have online bill pay options. I pay my cable, electric, rent, and credit cards online.
What is one way a nation can develop foreign debt?
By borrowing more money to pay off their debt
What is the fastest way you can get out of debt?
The fastest way to get out of debt is to stop unnecessary spending and start paying off the smaller debts first and work your way to the larger ones. Using a monthly budget book or computer software program will help keep you in check.
What is the quickest way to pay off credit card debt?
The fastes way to pay off your credit card debt is to pay more than the minimum payment and always pay on time. This website offers nine tips on how to quickly pay it off http://www.fool.com/personal-finance/credit/9-ways-to-pay-off-debt.aspx
What is the best way to pay off your debt in three months?
The only way you will be able to pay off your debts in three months is if you income to debt ratio is extremely high. That is, if you make quite a lot more than what you owe in debt per month.
What is THE faster way to pay off your debt?
work or dont earn any.
What is the fastest way to get out of debt?
This one is easy pay the money you owe to your creditors and inform the credit report company you have done so
What is the best way to pay off loans and get out of debt?
The best way to pay off loans (such as college and school oans) in order to get out of debt, would be to set up a monthly payment plan, and then set aside that much each month.
