You may not think you have many options when it comes to debt repayment, but there are several tools and strategies you can use to help pay off debt on time or ahead of schedule, or even to decrease your overall debt burden.
First, list your debts in a spreadsheet or budget program. Include outstanding balances, interest rates and minimum payments. Then use a debt repayment calculator to determine how long it will take to pay off existing debts.
Next, write up a budget listing your monthly income and expenses. This is a great way to help you stay on top of payments, identify high areas of spending and locate extra money to put toward your debt. Ideally, budgeting will also prevent you from accruing any further debt. When making payments, always pay off higher-interest loans first to save money over time.
Depending on how much and the type of debt you have, refinancing, consolidating or even filing bankruptcy may be beneficial options for you. Consult a financial professional to learn more.