Dealing with debt can be a real pain.
But did you know that most people struggle with debt?
According to Experian’s 2019 Consumer Debt Study, American’s carry an average personal debt of $90,460. This includes revolving credit like retail cards and credit cards, housing-related debt, and personal loans (e.g. student loans).
Crazy, right?
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 IF you’re paying the minimum required amount. Interest is a pain. Make sure that you’re paying 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) can pay off your mortgage about 6 years faster? Because by the end of the year, you will have made 13 monthly payments instead of 12.
Take a Second Job — For people who don’t mind working more and 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 bit the bullet.
Sell Your Home for Cash — For most people, their most significant asset AND source of debt is their home. Maybe you want to downsize or want to sell and pay off some of your other debt. What some people don’t know is that they can sell their home for cash, as-is, in as little as two weeks. And YOU can give us a call at (940) 283-0737 to get your fair cash offer.
We live and work in Wichita Falls and buy houses fast for cash (we can close based on your schedule). If you’re tired of dealing with debt, reach out. Maybe we can help.