Even if you don’t have a stack of credit card bills with high interest rates, you may have school loans, car loans or high-interest loans. There are ways to manage your debt so you can pay less in interest, minimize monthly payments and eventually eliminate these loans altogether. Consider these 3 ways to reduce your debt.
1. Look for lower interest rates
A lower interest rate allows for a higher portion of your payments to go towards paying off the principal of the loan, so you can pay off the debt faster. Here are a few ways to get a lower rate:
- Request a lowered interest rate from your credit card provider
- Open a lower interest credit card, and make a balance transfer
- Move balances off of cards with especially high interest rates, and onto cards that can minimize these charges