5 Tips To Clear Your Debts Fast

Accumulating debts can be stressful, affecting your financial health overall. With mounting interest payments and plenty of bills to pay, it can be tricky to quickly clear your debts. For a few ideas to speed up the process, check out these five tips to clear your debts fast.

1. Exceed the minimum payment

You might have student loans, personal loans, or credit card debt, no matter which debt you have, aim to pay over the minimum payment each month. By exceeding the monthly payment, you’ll save on interest and pay off your debts faster. It doesn’t have to be a huge amount over the minimum, but just whatever you can manage.

2. Improve your budgeting

If you want to clear your debts quickly, you’ve got to get serious about your budgeting. For some of the best options, try the following budgeting apps.

• Wally: For a simple (and free) financial app, Wally is the perfect solution. Wally has plenty of features that can help you to reduce your spending, monitor your earnings, and create the perfect budget.
• Goodbudget: Goodbudget helps you to separate your budgeting into categories, allocating a workable figure for each area. With this app, you can plan how you’ll spend your money, instead of simply tracking your spending.

3. Try the debt snowball technique 

So what exactly is the debt snowball technique? It’s a popular debt reduction method, meaning that you pay off all your debts, starting with the smallest debt. Once your smallest debt is paid, you then roll that cash towards the second smallest balance, and so on. The debt snowball technique is slightly psychology-based. The idea is that the smaller debts are easier to get rid of, and once you see progress, you’ll have the motivation to keep going!

4. Take on a side gig 

Earning some extra money will help you to clear your debts faster. You don’t have to commit to too many hours, just a few here and there in your spare time. It doesn’t have to be too complicated, whether it’s pet sitting, babysitting, or even renting out your spare room on Airbnb. There are several apps out there which can be useful for finding side hustles, including:

• TaskRabbit: With the TaskRabbit app, you can help people in your local area with everyday tasks. Whether it’s cleaning, putting together furniture, dog walking, or delivery assistance, there are plenty of ways to make spare cash on TaskRabbit.
• Thumbtack: Using the Thumbtack online service, you can offer your services for many types of casual and part-time employment. A few options include photography, tutoring or housekeeping.

5. A debt relief program

For the fastest way to clear your debts once and for all, the best option is a debt relief program. Check out, Debt to Success System – DTSS Complete Freedom & Debt Discharge Membership Programs, for one of the best debt freedom programs you’ll find! Whether it’s student loans, personal loans, or credit card debt, the DTSS Program can help you to clear up your debts and achieve financial freedom.