At the end of 2016, American household debt totaled $12.58 trillion, according to the Federal Reserve Bank of New York. If you're in debt and don't know how to pay it off, the first step is to learn which method of paying off debt is best for the type you have. Before you resort to any ridiculous ways to pay off debt, follow these steps to pay back lenders.
Ask your lenders the following questions:
The answers to these questions will help you prioritize which debts to pay off first and how to pay them off strategically. Each type of debt and lender has different requirements you'll need to keep in mind. Make a plan with a timeline that suits your lenders and your budget so that you can stick to it.
American student loan balances totaled $1.31 trillion at the end of December 2016, according to the Federal Reserve Bank of New York. To pay off your student loans faster, take these steps:
Many people don't know how to pay off credit card debt fast. For some, credit cards have become a staple of their budget. At the end of December 2016, Americans had $779 million in credit card debt, according to the Federal Reserve Bank of New York.
The best way to pay off credit card debt depends on your current cards' interest rates and whether you can consolidate your balances and transfer them to a new card with a lower interest rate. Here are some of the best options:
Paying off personal loans and car loans is usually different from paying off credit card debt because loan terms and credit card terms can be so different. Follow these five steps to eliminate your loan debt:
Before you add "paying off
You have lots of choices for paying off your mortgage
Don't let unpaid back taxes ruin your finances. Choose one of these options to pay the IRS off as quickly as possible:
Learning how to pay off debt takes time, money and dedication. Once you make a plan to pay off your debt, stick to it. When you're debt-free, you'll be able to put the money you used to make in payments to lenders toward other expenses and financial goals, such as saving for retirement.