Asked by Christina  |  Submitted March 27, 2017

What is the best way to pay down overwhelming debt?

I have two credit cards, a line of credit and two payday loans that total approximately $3300.00. I've had them in debt settlement, but I can't afford their fees either.

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  Answers  |  3

April 01, 2017

Just pick one debt at a time and work on that one, starting with the smallest debt first. Once that is paid off, move on to the next one. Getting rid of debts this way keeps you motivated and makes it seem less overwhelming.

$commenter.renderDisplayableName() | 09.19.20 @ 19:31


April 07, 2017

If you want to reduce your interest payments and lower your debt, try the free Debt Optimizer by MoneyTips.

The following articles are also filled with tips on paying off debt:
How to Pay Off Debt
Simple Debt Reduction Guide
Optimize Your Debt!

$commenter.renderDisplayableName() | 09.19.20 @ 19:31


April 11, 2017

Options include:

*Obtain a single personal loan to consolidate the 5 loans
*Request an increase in the line of credit
*Use a 401(k) loan to pay off some or all of the debt
*Increase your income by changing jobs or adding a second job?

$commenter.renderDisplayableName() | 09.19.20 @ 19:31