28 Jul
2010

The longer you stay in debt (especially with high-interest debt such as credit cards, unsecured loans, and payday advances), the more you will pay in interest costs. When you decide to get aggressive about paying down your debt, therefore, you will want to reduce debt quickly. There are several ways to do this:

1) Sell some things. Do you really need a second car, that patio set, or those bicycles you never use? Do a quick inventory of your life and home and get rid of anything you don’t use or don’t love. You’ll create lots of space and generate money towards your debts.

2) Find ways to make some additional cash. Maybe you can take odd jobs, rent out a parking spot, or upload your photos to a photo site where people can pay for them. Get creative and look around – there are plenty of ways to bring in more cash every month that can go towards your bills.

3) Stop spending. The more you spend, the longer it will take you to pay down your debts. Tighten your belt and vow to only buy what really is needed until your debts are under control.