Get out of debt fast. Three simple steps
Reduce your interest rate
First call your Credit Card company and ask them if they will reduce the rate on your credit card. They will only do this if you are in good standings. So no late payments over the limit issues, etc. Most of the time they should at the very least give you a temporary rate reduction and if your luck they will give you a permanent reduction. You may want to stress the fact you are a very good customer. All they can say is no and you have a 50% chance of getting the rate down.
Pay more than the minimum
This is a must. Pay as much as you can above the minimum required on the card. You will increase your payoff time drastically. We are talking by years. Skip the Starbucks coffee or eat out 2 less times a month. Do anything you can to find an extra $100, $200 or more and start to pay that balance down fast.
Create a snowball effect
Once you have paid off one debt use the money allotted to that old debt to any new debts you have instead of using it on other things. Keep hammering away at your debt and you will see huge progress. The key is to stick with it.
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