Tips On How To Pay off $10,000 of Debt in 6 Months or Less

How To Pay off $10,000 of Debt in 6 Months or Less


When you are in debt it can weigh heavy in your mind and cause loads of stress. This is especially true if you are struggling to make ends meet. Paying the rent or mortgage, paying the bills, buying food, and your family’s necessities on top of debt can be very discouraging. In fact, most people get into debt as a way to try to make ends meet but actually starts turning the tables on you, in the end.

Here are some ideas of how to pay off $10,000 in 6 months or less.

Evaluate where you are spending all of your money

This part of evaluating is very important. It is so easy to spend money without realizing how much you are actually spending. You can’t fix a problem if you don’t know it exists. You may be surprised to realize you spend $4000 a year on renting movies and video games. Just by cutting one unnecessary spending habit can get you halfway to your goals.

budget printable

Make a budget that you will stick too

This is a very important part of saving money or paying off debt. If you make a budget and stick to it, you can start making strides toward your goal of paying off your debt. A budget helps you keep tabs on your funds and not spend blindly.

Call your credit cards and ask them to cut your interest rate

Believe it or not, you can call your credit cards, and let them know you want to pay off your debt with them. You can ask them to lower your interest rate, so you can get them paid off in the amount of time you have set.

Get a low interest rate loan and pay off all of your credit cards.

If your credit score is good enough, get a low interest rate loan to pay off all of your credit cards. A loan can be a great way to consolidate everything. That way you only have one place to pay, and you get charged less interest, in the long run. Just be sure to spend all of the loan on your credit cards and cancel them, so you aren’t tempted to use the again.

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Save money any way you can

Cutting costs any way you can will help you reach your goals. Don’t eat out, make your meals at home, don’t go out to the movies, watch movies on Netflix, don’t buy expensive coffee, make coffee at home. All of the small things add up to big savings each month.

Look into state programs that help you save and match your investment

Look into state programs that help you save money for a specific goal. Sometimes it’s for a down payment on a house or money for college,  but can be allocated to help payoff your debt. Many programs will match 50% up to dollar for dollar. They may match up to $3000 or $4000. What ever you can get to help you stay focused and reach your goals it is worth it. Many times they have classes for you to take, to help you even further with your finances.

There are many ways to spend money more efficiently and effectively. You can set goals for yourself, and you can reach any goals you are determined to work toward.

It is possible to pay off $10,000 in 6 months or less if you make a plan and stick with it. What tips would you add?

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