: Pay Down Debt: Tips & Tricks For All and get back up there

Any kind of debt hanging over anyone’s head can be an overwhelming obstacle stopping the enjoyment of life. The stress mounts knowing that at a single moment, the next phone call or letter in the mailbox could be from a collector. There are many tips and tricks to help minimize stress and debt.

Multiple Payments

There aren’t any rules that say you can’t pay the debt down by making multiple payments within a billing cycle. It’s often easier to manage debt when breaking up a minimum payment into smaller payments to be turned in by the bill’s due date. If the debt provider will not accept a partial payment less than the minimum payment due, set that partial payment to the side and combine it with another payment to be turned in by the due date.

For example, let’s use a minimum debt payment of $100 each month. Saving five dollars every day for 20 days will net the minimum payment. Five dollars a day over three weeks can be achieved a lot easier for some than scrambling at the last minute to find the entire $100. If the provider allows payments of $20 then make multiple payments of $20 until the payment is satisfied. Or if it’s feasible to pay down debt faster make multiple payments of the minimum payment within a billing cycle. Paying more than what’s owed will lessen the amount of interest and fees added onto the debt.

Side Gigs

Getting a part-time job that can be done from the comfort of your home can be a great help in paying down debts sooner. Using the wages from a side gig of any type to dedicate strictly for the use of paying down debt will get it wiped out far sooner than expected. From being a ride-sharing driver, delivering meals or packages on-call, to work-at-home positions, part-time funds directed to paying down the debt will get rid of the obligation and stress of that payment.

Snowball Method

This method of paying down debt (e.g. from a loan from a New Zealand’s loan provider)  takes some planning and commitment. If there are several debts being paid every month, this method requires the minimum payment to be made on each every month, but any extra income will go to the smallest debt owed as well. Paying down the smaller debt faster will then allow the money used to pay that debt to be applied to the next smallest. For example, there is a $200 debt, a $600 debt, and a $1500 debt to be paid each with $20 monthly minimum payments. Pay the $200 debt down first, then add its $20 minimum to the $600 payment until that’s paid and do the same for largest debt until all of the debts are satisfied.

Hopefully, these tips and tricks are useful.