Three Life Hacks That Help Demolish Debt
If demolishing your debt is your new year’s resolution, you’re not alone.
A recent survey from GOBankingRates.com found that paying off debt is the most common source of financial stress for Americans.
Whether you’re fresh out of college or planning for retirement, the path to financial freedom begins with getting out of debt. Start on the path to financial freedom with these helpful hacks.
Buy Some Time
If your existing credit card balance looks like it will take a while to pay off, consider transferring the balance to a zero-interest credit card. Balance-transfer credit cards are a great tool for tackling credit card debt as they give you ample time to pay off your debt without the burden of additional interest, offering a potential savings of hundreds of dollars.
Get Creative
Paying off student loan doesn’t have to be boring. Try signing up for programs like Upromise that automatically give you cash back into your student loan account for everyday purchases like online buys, dinners out, travel, and more. Other creative ways to save include living rent-free as a house sitter on TrustedHousesitters.com, volunteering your time in exchange for student loan repayment through SponsorChange, or applying for a good student discount through your Texas Farm Bureau Insurance auto insurance policy.
Speed Things Up
Car loans and mortgages can feel like never-ending balances, so speed things up by making biweekly payments instead of monthly ones. By simply making one payment every two weeks (26 half payments in a year), instead of 12 monthly payments, you will end up making 13 full payments in a calendar year.
In addition to paying down or paying off your debts, be sure to focus on improving your credit score. Get those numbers up with these helpful financial tips.
