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Financial Friday #52: 4 Tips To Become Debt Free Faster

Friday, March 5, 2021   /   by Mario Daniel Sconza

Financial Friday #52: 4 Tips To Become Debt Free Faster

If your debt is causing you anxiety, affecting your sleep, or your relationships with others, try these 4 tips to getting rid of it faster!

?? 4 Tips To Get Out Of Debt Faster

  1. Lower your interest. If you have 10k in credit card debt at 19.99% interest, you are paying $2,000 per year or $166 per month in interest. Lowering the interest percentage will save you money you can then put towards the principle, paying the debt down faster. Here are 8 ways to reduce your credit card interest.
  2. Budget. Our average coaching student makes an extra $886.98 per month by budgeting. Putting those savings towards your debt will help you pay it off quicker.
  3. Stop Investing. If you have debt with interest higher than 7%, you should not be investing. Every extra dollar you earn should go towards paying off your debt.
  4. Accountability Partner. Paying off debt is hard and requires self-discipline, patience, and commitment. An accountability partner can help you stay on track.

"To succeed, you need to find something to hold on to, something to motivate you, something to inspire you."
- Tony Dorsett