How can I pay off debt faster?

Asked 6 hours ago

Answer

To pay off debt faster, create a budget, cut unnecessary expenses, seek extra income, consider selling unused items, set up automatic payments above the minimum, ask for lower interest rates, and use 0% balance transfer offers. For mortgages, biweekly payments, rounding up, or refinancing can help. For car and student loans, explore modifications or income-driven repayment plans.

Now Playing

Strategies to pay down debt: what you need to know

CNBC · New

CNBC

New

A rate cut is expected to lower borrowing costs, especially for variable-rate loans. 5s
Budgeting, cutting expenses, and seeking extra income can help free up cash for debt repayment. 33s
Negotiating lower credit card rates and using 0% balance transfer offers can accelerate debt payoff. 1m 14s
Homeowners can reduce mortgage debt by making biweekly payments, rounding up payments, or refinancing. 2m 31s
For car and student loans, options include loan modifications and income-driven repayment plans. 3m 7s

Banking & Loans

References

Strategies to pay down debt: what you need to know

CNBC

9 hours ago

Strategies to pay down debt: what you need to know

Start by finding extra cash, making a budget, tracking expenses, and cutting unnecessary spending.

Strategies to pay down debt: what you need to know

CNBC

9 hours ago

Strategies to pay down debt: what you need to know

Consider a side job or selling unused items to generate extra money for debt repayment.

Strategies to pay down debt: what you need to know

CNBC

9 hours ago

Strategies to pay down debt: what you need to know

Ask your credit card company for a lower interest rate; many people who ask receive it.

Strategies to pay down debt: what you need to know

CNBC

9 hours ago

Strategies to pay down debt: what you need to know

Set up automatic payments above the minimum due to gradually reduce debt.

Strategies to pay down debt: what you need to know

CNBC

9 hours ago

Strategies to pay down debt: what you need to know

Use 0% interest balance transfer offers to pay off debt interest-free for a set period.

Strategies to pay down debt: what you need to know

CNBC

9 hours ago

Strategies to pay down debt: what you need to know

Homeowners can pay mortgages faster with biweekly payments, rounding up, or refinancing.

Strategies to pay down debt: what you need to know

CNBC

9 hours ago

Strategies to pay down debt: what you need to know

For car loans, consider trading in for a cheaper car or seeking a loan modification.

Strategies to pay down debt: what you need to know

CNBC

9 hours ago

Strategies to pay down debt: what you need to know

For student loans, look into income-driven repayment plans to manage payments based on income.

What Are People Asking?