Dealing with debt can be a real pain in Thousand Oaks.
But did you know that most people struggle with debt?
The average American now has $38,000 in personal debt, not including their mortgage payment.
So, we thought it would be appropriate to share some quick tips about how to get out of debt… faster.
Pay More Than the Required Amount
The worst part about debit is how it grows, EVEN IF you’re paying the minimum required amount. Interest is a pain. So, make sure that you’re paying enough each month to make a dent in the principal.
Nail Your Payment Timing
Did you know that making bi-weekly payments instead of monthly payments (just split the full amount in half) can pay off your mortgage about 6 years faster? Because by the end of the year, you will have made 13 monthly payments instead of 12.
Take a Second Job
For people who don’t mind working more and who really want to get out of debt fast, taking a second part-time job is always an option. Just make sure that’s a sustainable strategy for you before you bit the bullet.
Sell Your Home for Cash
For most people, their biggest asset AND source of debt is their home. Maybe you want to downsize or maybe you want to sell and pay off some of your other debt. What some people don’t know is that they can sell their home for cash, as-is, in as little as two weeks.