Reducing the amount of debt you have can save you money while also improving your credit.
There are a few potential strategies you can consider to pay down debt faster:
- Balance transfer credit cards offer a 0% introductory rate for a certain period of time. Generally these require good or excellent credit to qualify, and typically there’s a fee of 3% charged for the transfer.
- Debt consolidation loans offer a fixed monthly payment amount and interest rate. Generally, consumers who get the lowest interest rates are those with good or excellent credit.
- A home equity line of credit is an option if you’re a homeowner, and good credit is not required. The repayment terms tend to be long, but there is a chance of putting your house at risk if you don’t make payments.
If you’re feeling overwhelmed by debt and you’d like one-on-one help managing it, you can also reach out to the National Foundation for Credit Counseling at (800) 388-2227.
Here are a few other SuperMoney resources that can help you build the debt payoff plan that’s right for you: