But did you know that most people struggle with debt?
The average American now has $38,000 in personal debt, not including their mortgage payment.
So, we thought it would be appropriate to share some quick tips about how to get out of debt… faster.
Pay More Than The Required Amount — The worst part about debit is how it grows, EVEN WHEN the minimum monthly required payment is being made. Interest is a pain. So, make sure to pay enough each month to actually make a dent in the principal.
Nail Your Payment Timing — Did you know that making bi-weekly payments instead of monthly payments (just split the full amount in half) will pay off a mortgage about 6 years faster? Because by the end of the year, there will have been 13 monthly payments made instead of 12.
Take a Second Job — For people who don’t mind working more and who really want to get out of debt fast, taking a second part-time job is always an option. Just make sure that’s a sustainable strategy for you before you bite the bullet.
Sell Your Home For Cash — For most people, their biggest asset AND source of debt is their home. Maybe you want to sell and pay off some of your other debt or downsize. What some people don’t know is that it’s possible to sell their home for cash, as-is, in as little as two weeks. And YOU can give us a call at (301) 234-7300 to get your fair cash offer.