Are you living paycheck to paycheck? Do you feel like you're drowning in debt? Do you want to be debt free? Getting out of debt isn't always easy it. There are tips for paying down debt quickly. It takes time and effort, but it is possible.

Tips For Paying Down Debt Quickly

Pay more than the minimum payment. This will reduce your balance faster than paying the minimum. It also saves you money in less interest fees. Determine how much extra you can afford to pay each month. Choose the  debt account with the smallest balance firs. Shovel every extra penny to that account. Once it is paid off, do the same to another debt account. This creates a debt payment snowball effect.

Negotiate with your lender. Ask them to reduce your interest rate. This will save you money in interest fees. If your  lender is not interested in lowering your rate transfer the balance. Apply for a new line of credit with a 0% introductory interest rate. Transfer the balance of the old credit account to the new one. Leave the old card open at a zero balance. Pay as much as you can afford each month on the new, 0 % interest account.

Look for places of "found" money. A raise at work or your tax returns are great places to find money. When you get it use it to pay down your debt balance. Have a garage sale or cash in the loose change from around the house. Skip the Starbucks or going out to  eat a few months. Take the money saved and pay down your balance.

These tips for paying down debt quickly aren't difficult. Make getting out of debt your part of your everyday life. If your debts are more serious, contact an Elk Grove bankruptcy attorney. They can review your debt relief options with you.