This content includes information from experts in their field and is fact-checked to ensure accuracy.We are committed to bringing you researched, expert-driven content to help you make more informed decisions as it pertains to all aspects of your daily life. We constantly strive to provide you with the best information possible., there are few worse feelings than being deep in debt. It's an all-too common experience, and once you find yourself in that hole, it's hard to dig your way out.
"Lower interest means more of your payments go towards the principal balance, helping you pay off the debt faster," she explains."If you have good credit and can get these offers, it's like giving yourself a financial boost, reducing the burden of high-interest rates."If you have multiple debts to pay off, you may want to consider debt consolidation loans as well.
"Extra income can be a game-changer, giving you more firepower to pay down debt quickly," she says."It's about leveraging every opportunity to supercharge your debt repayment plan."But if you're still struggling to increase your income, you may still be able to pick up some extra cash by lightly downsizing.and accredited financial counselor, recommends doing a little house cleaning and selling off any medium- to high-ticket items you own.
In order to actually be useful, your budget should aim to lower your unnecessary spending and have you living below your means, Nelson explains.
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