Michael Puttman's Small-Dollar Loan Forums

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This article has lots of good advice. The best one that I use myself is to make multiple payments in a billing cycle. 

So if you get paid twice a month, make 2 payments towards your debt. This works for signature loans and credit cards. Not sure about payday loans, title loans or installment loans.

Any other tricks to pay down debt faster?
I've done a balance transfer in the past, closed the old card, and paid the monthly installments religiously. The balance transfer allowed me to save considerably on interest charges because of the lower rate. It also accelerated the repayment period because a higher percentage of the payment is applied to the principal.

Another trick is to find a side gig which can generate earnings that can be used, in full, towards the payment of a specific debt. This should be an extra payment to be made on top of the regular payment being made out of one's regular earnings or salary. Of course, one should also avoid incurring more debts while paying off the old debts.
I'm so relate with the topic. I've been there before, it felt painful with my debts and to the point that my salary is not enough to cover my outstanding debts. So many tricks i did, like i resell some items (consignment base) earning from the mark ups, i did English, Math and Science tutorials from my aunt's daughter. To the fact that you wanted all the job to doSmile So many tricks will come up into your mind when you need it very badlySmile
What I am doing is prioritized my payment like a necessity. That way I can control myself not to buy things that are unuseful or spend my money to something that I can totally live without, bonus the fact that I am building a good track record. I am also selling some stuffs online which help me pay some of loans, Some of my items are categorized as well where if those items under my "dept payments" were sold its profit will go directly to my monthly payment. Having dept will surely teach you how to be resourceful and responsible in handling your hard earned money.
Balance transfers with 18 month 0% APR offers have helped me a lot. They can be risky, though, if you're unable to pay off the full amount before the 18 months, you're required to pay the back interest (which is usually at a much higher rate, especially with student loans). If you look carefully at your budget and allow for unexpected finances throughout your payback period, you may find that you can take advantage of some of those offers. Just make sure you can pay it back before the grace period is over!!
Well, first, you need to put your debts in your priority list because if you don't, then you won't be doing a good job. Focusing on your goals makes things easier. Same goes with debts. Divide your income to pay several bills or debts if you have more than two. You need to tell yourself the exact amount that you'll need to take off from your salary to pay your debts in order to avoid spending more than you can. If you can negotiate with the creditor for an installment type of pay, then that will make it easier. Paying at once is hard if you don't have the money to. If you're paying installments then try to put away the cash you'll be using to pay the installment as soon as you have it. It will help you avoid being short when the day comes that you're required to pay.
I think if you can afford it paying the most you can afford to pay on a debt or a loan can help you pay it off faster. If you can arrange to make multiple payments and you have the finances to cover it so much the better. It is a good feeling to live debt free.
Personally at this point I've just been making minimum payments on my credit cards since that's all I can afford at the moment, bill issues. But generally it is a good idea to pay twice, at least the minimum payment twice, only because they do charge you interest on your purchases depending on your balance. So it kind of blows it back in your face if you're just making minimum payments once a month. I was personally considering getting a loan to pay off both and then paying off the loan on its own, but I've been recommended to not do that, even though it seems easier.
(01-04-2018, 09:16 AM)kgord Wrote: [ -> ]I think if you can afford it paying the most you can afford to pay on a debt or a loan can help you pay it off faster. If you can arrange to make multiple payments and you have the finances to cover it so much the better. It is a good feeling to live debt free.

This is the key thing in this topic. If you have a loan/debt to pay back, there's no guarantee that you're capable of making more repayments without sacrificing something like rent or electricity. Pay back whatever you are capable of paying back, no more and no less.
(01-02-2018, 11:48 PM)Michael Puttman Wrote: [ -> ]This article has lots of good advice. The best one that I use myself is to make multiple payments in a billing cycle. 

So if you get paid twice a month, make 2 payments towards your debt. This works for signature loans and credit cards. Not sure about payday loans, title loans or installment loans.

Any other tricks to pay down debt faster?

I have to admit that you've given good tricks on cutting down signature loans and credit cards. Another trick that could work also is those debtors having multiple means of earning income and use that to settle these debts as fast as they could especially for payday loans that has got huge interest rates attached. That way, things will get back to normal and there will be less need to seek for payday loans. 
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