Straightforward Ways To Get Out Of Debt
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“
Right now, many Americans are a medical emergency or a natural disaster away from bankruptcy
,” says Debt.com chairman Howard Dvorkin, CPA.
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Before you can start, you need a clear picture of your situation. You can do this by
adding up your debt
and
reviewing your debt and budget
.
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Once you know how the money you have coming in compares to what you owe, you can
devise a perfect plan l
ike the
snowball
or
avalanche method.
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For the
snowball method
. You start by paying off your lower debts, then slowly work up to the larger ones.
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On the
avalanche method,
you list debts from
highest to lowest interest rates
. Since interest rates and APR compound on your original debt, you should pay them off before your bill keeps growing.
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One extra tip to help you along the way is to
call your creditors
. Believe it or not, a simple phone call could reduce your interest rates.
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SWIPE UP
Get started today and be debt free!
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