5 Underrated Strategies for Paying Off Debt Faster #shorts

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Издатель May 9, 2025

10 Underrated Strategies for Paying Off Debt Faster
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1. Pay Weekly Instead of Monthly
Switch to weekly payments to reduce the principal more frequently, cutting down on interest accumulation over time.

2. Round Up Every Payment
Always pay a little more than the minimum—round up to the nearest $10 or $50 to chip away at your balance faster.

3. Apply Windfalls Directly to Debt
Tax refunds, bonuses, or cash gifts shouldn’t be spent—use them to make lump-sum payments and shrink your debt load.

4. Automate Extra Payments
Set up automatic transfers for small extra amounts so they consistently go toward your debt without decision fatigue.

5. Use the Debt Snowflake Method
Make use of every spare dollar—refunds, cashback rewards, side gig income—and throw them at your smallest debts immediately.

6. Refinance High-Interest Loans
Explore refinancing options to reduce your interest rate, especially on personal loans, car loans, or private student loans.

7. Temporarily Cut Non-Essentials
Pause subscriptions, reduce dining out, and limit entertainment expenses. Funnel that savings straight into debt repayment.

8. Prioritize High-Interest Balances First
Focus on debts with the highest interest rate to reduce the total cost of repayment in the long run—also known as the avalanche method.

9. Use Zero-Based Budgeting
Give every dollar a job—including allocating as much as possible toward your debt—so you’re not accidentally overspending.

10. Track Progress Publicly or With a Partner
Accountability increases consistency. Share your progress with a trusted friend or financial coach to stay motivated and disciplined.