If you are in debt, you probably want to get out of debt as soon as possible. If so, then this post is for you. I am going to show you 4 smart ways to help you pay off debt fast. After reading this post, you will be motivated to tackle your debt in new ways and finally rid yourself of the monthly payments and the stress.

So what are these smart ways to pay off debt fast? Let’s get started to find out!

4 Smart Ways To Pay Off Debt

#1. Use Technology To Your Advantage

Back in the day, if you wanted to pay off your debt, you really only had 2 options. You did it yourself, or you hired a sketchy debt consolidation firm to help you out. But thanks to technology, this has all changed.

You can jump online and find free spreadsheets to help you track your progress and motivate you to pay off your debt. You can sign up for automatic payments with your lenders so that you ensure you never miss a payment. And in some cases, doing so will provide you with a discounted interest rate.

Then there are apps. You can download free or paid apps that will help you be successful with your debt payoff. And not all are about just helping you to pay off debt. Some round up purchases so that you can pay extra towards your debt.

The bottom line is you are no longer completely on your own with paying off debt. Take advantage of technology and you will get your debt paid off fast.

#2. Inquire About Discounts

An often overlooked way of paying off your debt fast is to ask for discounts. How exactly does this work? There are a handful of things you can reach out to your lender regarding, and you might be surprised at what you find.

  • Set up automatic payments: as I mentioned above, if you have the lender automatically debit your checking account each month, they may give you a reduction on your interest rate. This means you pay less interest and pay off your debt faster.
  • Ask for a lower interest rate: with credit cards, you could ask for a lower interest rate. As long as you have been making payments on time, they should agree to lower your interest rate temporarily. Note that they might want to lower it for new purchases. You don’t want this. You want a lower interest rate on your current balance.
  • Do community service: when it comes to student loans, you could join the Peace Corps and in doing so, get them to pay a portion of your student loans for you. You typically have to serve for at least a year, but it is more than worth it.

#3. Make It A Game

If you are a competitive person or just like playing games, then make paying off your debt a game. Challenge yourself to pay off as much as you can.

For example, let’s say you budget to put $300 a month towards your debt a month. To make it a game, try to put $400 towards your debt.

How can you do this? You can cut back in one area of your budget and put additional money towards debt. Maybe you can sell some things around your house. Maybe you work a little overtime.

If you meet that goal, then the following month, increase the amount and try to beat the higher amount. When you do this, you give yourself a double shot of motivation.

First, you see that you can put more money towards debt than you thought, so it will help you to think about new ways you can add to your monthly debt payment.

Second, you will see larger chunks of money going towards debt and see the overall balance drop rapidly. This will motivate you to keep at it.

Now the key here is to keep it fun. If you are getting stressed or not enjoying life because you are putting every penny towards your debt, you need to stop.

Yes you want to put as much towards debt each month but you also want to have fun so that you follow through and pay off all of your debt.

#4. Use Windfalls To Crush It

Whenever you get a windfall, stop before you blow the entire thing on a vacation or a new toy. What you should do is divide the windfall up into at least 2 pieces, ideally 3.

If you divide it into 2 pieces, take 10-15% of the money and spend it however you see fit. The other 85-90% of the money goes towards debt. This will allow you to still enjoy the money while at the same time make a huge dent in your debt.

If you want to divide your windfall into 3 pieces, take 10-15% and spend it however you want, then take 10% and put it into savings. Finally take the remaining 75-80% and put it towards your debt.

If you get a tax refund of $3,000 this would mean you are putting anywhere between $2,250 and $2,700 towards your debt and still get to spend between $300 and $450 however you like.

Final Thoughts

There are 4 great options to help you pay off your debt fast. Understand that even with the help of the things I noted above, you still won’t be debt free overnight. It will still take you time to fully rid yourself of debt.

But if you stick with it and use these things to your advantage, you can get out of debt faster than if you never used them at all. Good luck!