Maximize Your Minimum Payments
Weaken your debt by paying more or say at least double the minimum payment due amount. This will help to prevent extra interest charges and trim down that balance faster. If it’s too difficult to pay with one paycheck, than you can increase the frequency of your payments by paying the minimum payment every two weeks so that will still bring down the balance.
Look for Balance Transfers
If you have a high interest card and it has a balance you think you can pay off in a small period of time, then transfer that amount to a zero or low interest credit card. It will help if you can make large payments on your low interest card and cut down high interest debt. If you do it right, you can save a lot on interest.
Put Your Bonus to Work
Have you received any job bonus during the year? Don’t be enticed to spend them off on any unnecessary big purchases or any last minute road trip, use it to pay off your debt. It’s worth more to fix your financial situation than buying an expensive watch and insensibly stretching your span of debt.
Trim down Your Expenses
Try to cut out some of your monthly expenses which you can easily remove or eliminate. Consider what you really need, you can exclude things like television cable service, a gym membership, coffee or eating out or entertainment costs. You should also be aware of your impulsive shopping habits. Knocking out those extra expenses could save you lot of money to pay off your debt quickly, if you are truly committed.
Do you have any old unused gifts or any unwanted items which are collecting dust and occupying space? If you don’t need all that stuff, sell it as soon as possible. Any profits from those sales should go toward your debt or any Las Vegas signature loans and upgrade your life when you are finally living debt-free.