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Obviously, making greater than the minimum payment will lessen your debt. If you are not able to do so, then try calling your creditors and ask them to reduce the interest rate. With a lower interest rate, your monthly payment will be lowered, therefore you can pay-down the balance faster.

You would be surprised how many creditors are willing to lower your rates. They are doing this more often due to the financial crises.

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14y ago

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