By now we all know that getting into debt is a lot easier than getting out. Borrow a little money here, overspend on your credit card limit there and before you know it, you’ve got more debt than you can manage. If this is you, and you’re kicking yourself about it, don’t. Remember this: You’re not the only one to find you’ve dug yourself into this hole. According to a report by The Pew Charitable Trusts*, 80% of Americans carry some sort of debt.
If that fact isn’t the comfort you needed, hopefully, this will help: There are a ton of ways to pay down your debt faster than you think. Here are a couple of things you can start doing today to ensure that you are on the road to becoming debt free in 2020. Stop putting it off.
1. SuperMoney – Shave Years Off Your Debt By Consolidating It
In a nutshell, loan consolidation is when you combine multiple debts under one new loan, leaving you to make a single monthly payment. This can reduce the life of your debt because you’ll get a lower interest rate for the debt (that’s what will save you money) and get on a payment plan for a set period of time (which means the debt won’t stretch on forever).
If you need help finding a lender, SuperMoney is one of the best online comparison tools that does the personal loan shopping for you and it does it pretty quickly (we’re talking seconds).
Here’s how it works:
- Finding the best option for you is as easy as taking a few minutes to fill out a simple form.
- Almost instantly, SuperMoney will get back to you with multiple competing loan offers you prequalify for based on the answers you gave on the form.
- Compare rates, terms and payments all on one page.
- If there’s an offer with terms that meets your needs, hit apply and fill it out through the lender.
SuperMoney is completely free and using it won’t hurt your credit score. Your time is valuable. Use SuperMoney to help consolidate your loans faster and easier and finally get on the right path to paying off your debts.
2. Gabi – Cut $600 From Your Car Insurance And Put It Towards Your Debt
Car insurance premiums can really put a dent in your budget. A lot of people don’t know this, but every one to two years you should shop around for new car insurance. That’s because rates can change for any number of reasons, just like your life. What was once affordable or reasonable for your circumstances may not be the case anymore. So why keep paying the same premium when you could get something better?
And that’s where Gabi comes in. It’s a great resource for comparing car insurance rates all in one place. No need to visit multiple websites or fill out several forms to get the info you need.
To get started:
- Sign up for Gabi here.
- Connect your current policy by either uploading a PDF of it or linking your provider account to the app.
- Within two minutes Gabi will compare your policy with quotes from up to 20 other providers.
- If you see a policy at a price you like, you can buy the cheaper policy directly through Gabi.
The average person saves over $600 per year just by doing this one thing.
3. Credit Sesame – Check Your Credit Score Immediately
Before you start making any big moves to pay off your debt, you need to check your credit score. Whatever your credit score is could impact your options for paying off your debt.
Use Credit Sesame to check on your credit score right now and anytime, anywhere for free without hurting it.
Other amazing things you’ll get for free when you create an account with Credit Sesame:
- A credit report card with a break down of everything that’s affecting your credit.
- A personalized action plan to help you take control of and improve your credit score.
- Personalized recommendations for the best credit cards, mortgage rates and loan refinancing options for you.
- Credit alerts and monitoring with early identity theft and fraud detection and theft protection coverage of up to $50,000.
I repeat, this is all for free. We don’t know about you, but a free credit score coach that fits in your pocket sounds like a pretty sweet deal to us. Why would you pass that up?
4. Digit – Minimum Payments Aren’t Cutting It — This Can Help
It might not be that hard to make your minimum monthly payments on your debts, but just doing the minimum every month means you’ll be in debt for a long, long time. Who wants that hanging over their head for years? No one.
A great way to pay off your credit card debt faster is to use whatever money you can spare to make extra payments towards it. Easier said than done though, as we all know.
That’s where Digit comes in. Digit is a micro-savings app that when connected to your bank account, learns your spending habits and income to help you save a little bit of money every few days. It will then make payments to your credit cards for you with that cash.
You’ll start making strides with your credit card debt almost immediately when you sign-up, with extra cash you didn’t even know you had.
5. Truebill – Get This Company’s Help Cutting Your Bills
One of the best things you can do to help yourself pay down your debt faster is to find more ways to make or save money. A great place to start is by cutting back on your monthly expenses.
According to study after study on average people spend $237.33 a month on subscription services. That’s nearly $2,900 a year! But how many of them do you actually need? And, how many are there that you’ve forgotten you’re even paying for?
Truebill finds, organizes and helps you cancel old subscriptions with the click of a button.
To get started…
- Sign up to Truebill to get a free analysis of your spending to find recurring charges being made to your account.
- See something you no longer need (including that formerly free HBOgo trial you signed up for) and cancel it directly through the app.
And just like that, you have more money to spare every month. And more money to put towards your debts.
6. DoorDash – Think Seriously About Getting A Side Hustle
Now, you may not want to hear this, but while cutting back on your expenses definitely helps to free up your money, finding another source of income has really been the game-changer for a lot of people when it comes to paying off debt earlier.
A really great side hustle that doesn’t require a big commitment (because who has time for that?) and can actually make you a ton of cash is to deliver food with DoorDash.
DoorDash is an on-demand food delivery service that contracts people to work as couriers. When and where you work is completely up to you, so you can go online or offline whenever you want and even deliver food in another city or state you’re just visiting. And you don’t need a car to do the job either: You can deliver food via scooter, motorcycle, bike and even on foot.
You’re not gonna find too many jobs that offer this kind of flexibility. And the extra income can be a game changer when you are able to throw it at your debt.