How to Pay Off Debt Quicker

Posted on: November 16, 2017 CashMax November 17, 2017

Debt is a concern for many people and an inevitable part of life. College students, homeowners and businesses all deal with it. In fact, the average amount of household debt in 2015 was almost $8,000

Fortunately, there are a variety of strategies that you can follow to pay off your debt in a faster manner. Here are a few tips to pay off debt quicker.

  • Transfer Balances. Find a card that has a zero-interest balance transfer. Transfer your debts that have the highest interest. Doing this properly can potentially save you hundreds of dollars in interest.
  • Pay More Than The Minimum Balance. The minimum balance you must pay each month will keep you in debt for a long long time. Make a goal of a specific amount or percentage of your pay check that will go towards debt each month.
  • Take Advantage of Credit Card Rewards. There are many credit cards that come with rewards that you can cash in. This is something that gets ignored far too often. Research different ways you can make the most out of your spending.
  • Avoid Additional Credit Charges. Stop adding debt to your debt! Leave your credit cards at home unless they are absolutely necessary. Spend cash whenever you can to eliminate a downward debt spiral.
  • Delete Store Saved Credit Card Information. This is very important for frequent online shoppers! There is a reason why stores give you the option to save your payment information for future purchases. It is a lot easier to make an impulse decision when you skip the payment step. Eliminating this option will physically add an additional step to our decision making process, forcing you to consider the purchase a little longer.
  • Lose the “It’s only $5” Attitude. Every little bit of spending adds up. That daily trip to the coffee shop may only be a couple bucks at a time, but it really adds up over the course of a year. Try to focus on the big picture rather than in the moment.
  • Plan To Use Your Bonus/Tax Return On Debt. It is easy to make 101 plans with our tax returns. Especially with all the enticing tax return sales and specials. If you are aware of a bonus or tax season is coming, make plans to put it towards your debt rather than a shopping spree or weekend getaway.

Life is full of unexpected circumstances. Unfortunately, some of those result in financial distress. If you’re currently in a tough financial spot, consider applying for a CashMax loan. With no mandatory credit checks, you can get the cash you need almost instantly! Visit one of our convenient locations near you to get started!

Find a CashMax

Need Help Getting Cash? 800-777-7777

CashMax is a Credit Services Organization (CSO) operating pursuant to the Ohio Credit Services Organization Act, Ohio Revised Code §§ 4712.01 et seq. CSO is not a lender and does not make loans of any type. All loans will be made by a third-party lender. Submission of information in no way guarantees that you will be approved for a loan from the third-party lender.

* Not all applicants will qualify for the maximum loan amounts available. CSO will attempt to arrange a loan for you from a third-party lender, but CSO does not promise that you will receive a loan. Credit decisions and the amount of these loans will be made by the third-party lender based on the information you provide in your application. The finalization and funding of all loans are subject to your providing to CSO and the third-party lender requested documentation and information to confirm the submitted data is complete and accurate. Your failure to provide requested documentation and information will delay the processing of and may terminate your application and/or transaction.

** CashMax uses non-traditional credit bureaus. If you complete and submit an application for credit services, you acknowledge that you authorize us to verify information through certain national databases including – but not limited to – Clarity, DataX and Factor Trust. We may review your credit attributes in order to determine your eligibility and ability to repay. Based on the findings from the original credit inquiry, these non-traditional data bureaus may seek additional information from the traditional credit bureaus. When this occurs, it is possible your credit report will show an official credit inquiry.

NOTICE: An advance of money obtained through a Cash Advance or Title loan is not intended to meet long-term financial needs. A Cash Advance or Title loan should only be used to meet intermediate or short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.