Knowing how much money you owe is the first step to paying it off. If you haven’t already, make a list of your debts, their interest rates, and balances.
After you pay off your bad debts, then you can consider tackling the good ones—unless you have a better use for your money.
Once you pay off that first debt, take all the money you were throwing at it and put it towards your next debt. Rinse and repeat this process until you’re debt-free.
Creating a budget or a spending plan is always important, but it’s critical when you’re paying off debt.
An excellent way to get out of debt faster is to increase your income, cut your expenses, or both.
If you have multiple credit cards or high-rate loans, using a balance transfer credit card may make sense.
Prevent fatigue and burnout by celebrating small wins along the way.