Eliminating Debt: Small change counts big

Small change, large goals.

Small change, large goals.

Eliminating debt is definitely one of the most common goals for starting off the new year.  Here are four tips to jump start 2016 towards financial success.

  1. Prioritize debt: Tackle one credit card at a time. Pay off the one with the highest interest rate first.  Next, work on eliminating your car loan, a depreciating asset which loses its value the minute you drive it off the car lot.  Experts say, the key is to tackle debt as aggressively as possible and begin saving for the future.
  2. Bonus money:  Treat it as though you never had it.  Put it towards your debt.
  3. Take on a side hustle: People who are most successful in paying off their debt take on a side gig.  Try secret shopping. It’s a great way to earn extra cash. Check out PennyHoarder.com for the best companies to work for.
  4. Negotiate:  Now, this is one thing that most of us must learn to do.  According to creditcard.com, about two-thirds of credit card holders have asked card companies to lower their interest rates and have been approved.  No matter what kind of debt, ask.  The worst that can happen is they say no.
  5. Save loose change: If you’re that person who regularly empty your wallet of loose change, depositing into a piggy bank or an old mayonnaise jar on your dresser, clearly, you understand that small money is good money too. Once the jar is full, put it towards debt.
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