“Every time you borrow money, you are robbing your future self” —--Nathan Morris

What is Debt?

Debt is the money that one person or company owes to another. It can be in the form of a loan, a credit card balance, or a mortgage. When a company or individual borrows money, they are taking on debt. The terms of the debt usually include an interest rate, which is the charge for borrowing money.

Debt can be a good thing or a bad thing, depending on the circumstances. For example, taking out a student loan is usually a good thing, because it allows someone to get an education that will help them earn more money in the future. 

However, when it comes to getting out of debt, there are a lot of different opinions out there on what the best course of action is. Some people advocate for taking a slow and steady approach, while others say that you should focus on paying your debt off as quickly as possible.

Whichever approach you choose, there are a few basic tenets that hold true for everyone. Here are fifteen tips for paying your debt off fast:

15 Best Tips to Pay Your Debt Fast;

1. Make a budget and stick to it
2. Cut back your unnecessary expenses
3. Sell your unnecessary belongings
4. Negotiate a lower interest rate with your creditors.
5. Make extra payments when you can.
6. Take out a personal loan to pay off your debt faster.
7. Consolidate your debt into one monthly payment.
8. Use a balance transfer
9. Avoid expensive hobbies
10. Make a debt payoff plan
11. Negotiate your lower bills
12. Sell the stuff you do not need
13. Make a side hustle
14. Save on groceries (bulk purchasing)
15. Track your spending to cut unnecessary one