It just takes dedication and effort. Paying down debt takes time, discipline, and budgeting.
Over the last few years I’ve been dealing with a nice chunk of student loan debt – wayyyyy tooo much haha. Anyway I’ve definitely done my fair amount of reading on how to consolidate and lower my payments. This is all fine and dandy – it’s paying it off that matters. While we all do this at our own pace, one things remains true, we all want to pay it down and get it out of our lives. Here are a few ways to help expedite the process. Remember: discipline comes first when paying down debt. It will not happen if you don’t drive yourself to do it.
1. Consolidation – making your life easier. Consolidation isn’t right for everyone and you should definitely look into it before going through with it. Make sure the rate given to you makes sense for the debt you are looking to consolidate. There are two perks for consolidation: a lower monthly payment, and your debt is in one place. This makes it easier to lay out your own payment plan to knock down your principal balance faster. Most credit unions are good for this – they will enable you to make a principal payment without much argument.
2. Biweekly payments – I know I know …. Why would you want to make biweekly when you can make monthly payments? Fact of the matter is, you pay less interested when you make biweekly payments. This is due to the fact that there is less time for for interest to accumulate on your principal payment. Interest generally accrues daily and the higher your principal balance, the more interest you pay. So when you know your interest down twice a month. Lower principal means lower interest payments! Which saves you money over the life of the loan!
3. Birthday! Haha yes we all get excited for our birthdays. But, it’s a great opportunity for people to payoff their debt. We generally don’t account for birthday money we make our budget. Mostly because we have no idea how much we may end up with. So why keep it? Throw it at your debt! Use it to pay down the principal on your debt.
4. Bonus bonus bonus. Something many people look forward to. Yet, also, generally overlooked by people when it comes to their budget. Or, they plan on using it for your vacation. Why not hammer your debt down with it?! A few grand can’t hurt right? Any time you knock the principal down your interest payments decrease. Leading to a greater portion of your payments going towards your principal. Thus, paying your loan off faster. And who doesn’t want that?
5. The best tip anybody can give you when it comes to paying down debt is simple. Stay on top of it and pay more than the minimum payment.
I will touch on more ways in the future. But remember – it’s pretty straight forward. Keep on truckin!
PFsquared 
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