How To Pay Off Your Personal Debt

Once you are in personal debt, which is a necessary shortcoming to help grow ourselves, there are ways to get out of the debt faster.

There is no secret sauce to it, nor does a silver bullet exist (unless you win the lottery or you realize you have a large inheritance from a family member you didn't know existed). We are not trying to be facetious, more so, we are trying to be realistic with a situation that can be burdensome.

But working through your debt sagaciously and using the following list as a starting point (or as a checklist to keep in your back pocket), can help ensure a stronger community once we are out of debt:
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1. Physically using cash if you see that you are "swiping" more than you should - It has been proven that the usage of physical cash vs. credit, decreases someone's alacrity to spend.
2. Pay above the minimum - Interest and minimum payments is more often than not, the way interest revenue grows for lenders. They are able to leverage higher interest collections. Paying more than the minimum saves you more money down the road.
3. Continually search for lower interest rates and consolidate if possible - Refinancing or consolidating your loans for a smaller rate is arithmetic. Lower the interest rate, the lower the interest payments, the higher the principle being paid, and then, the more money you save.
4. Try to negotiate your debt with creditors - Sometimes calling and asking "what are my options" can help reduce the interest rates. Reach out to the dedicated customer support or a loan officer. It never hurts to ask and/or negotiate.
5. Make your loan payments a priority, while brewing your own coffee - "Brewing Your Coffee" refers to saving the $5-$10 on Starbucks (just for example), and making a conscience effort to put it towards your debt. It is another way of saying, prioritize payments first, then enjoy all the coffee in the world.
6. Make A Budget - A budget is a map. It is a guide. It is not an evil villain, so making a budget allows you to stay on track.