how to pay off debt

This video,, can also be seen at days ago. 1586 Words | Reading time: 15 minutes. Knowing how to pay off debt requires knowing that debt is a double-edged sword. You can use it to.Paying off debt has to become a priority – even though you're broke. It's hard to focus when you're broke because surviving is your initial priority.In this series, NerdWallet interviews people who have triumphed over debt. Responses have been edited for length and clarity.Check the interest rate section of your statements to see which credit card charges the highest interest rate, and concentrate on paying that debt off first. Pay off the card with the smallest balance first, then take the money you were paying for that debt and use it to pay down the next smallest balance. learn more strategies for paying down.Households with credit card debt owe an average of $15,355 on those cards.. Plug that figure into a debt repayment calculator and you’ll see with 18% interest and 3% minimum payments, it’ll take about 23 years to pay it off.. total payments will be $30,408.18 – almost double the original balance. You probably don’t want to have debt like that hanging around for 23 years.If you have a large amount of debt, or have many sources of debt, creating a plan to pay it off is a huge step to living debt free. Trying to figure out the best way to pay it off can seem overwhelming when you are overloaded, especially with all the "get out of debt fast" schemes out there.Make a list of all your debt with amounts and the interest rate. The highest interest rate should be at the top as this is what you’ll pay off first. Paying off your high interest debt is the key to the Stack Method and paying off debt as fast as possible.4. I used shopping portals that pay you back for every purchase. I wouldn’t have been able to pay off debt quickly-if ever- if I spent a lot of money. That said, when I did have to spend money, I looked for rewards programs that would pay a fraction of my purchase back. eBates is perhaps the best known.6 days ago. 1586 Words | Reading Time: 15 Minutes. Knowing how to pay off debt requires knowing that debt is a double-edged sword. You can use it to.