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Whether you feel the weight of student loans or find it difficult to reimburse your credit card , there are few feelings worse than being in debt. It is an too common experience, and once you have found yourself in this hole, it is difficult to dig your way. But although financial freedom can be difficult to do, it is certainly not impossible. You may need a little help to understand how to face your debt front. This is why we contacted several experts in finance to get their best advice to quickly reverse a difficult financial situation. Read the rest to discover the 10 wise strategies they shared to quickly repay the debt.

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If you are serious about repaying your debt, "D The wakefulness of a reimbursement plan is important, "according to Scott Nelson ,, Expert debt and founder of Moneynerd.

"This can help you make progress and motivate you along the way," he explains.

One of the most common methods used for reimbursement plans is the snowballing method, where you "start by repaying your smallest debt first, while making minimum payments on your larger debts", "" Shinobu Hinder ,, Certified financial planner and author of Investment is your superpower , tell Better life .

"Once this smallest debt is erased, you launch this payment in the smallest debt, etc.," she shares. "This strategy gives you fast victories that take momentum.

Another popular choice for reimbursement plans is the avalanche debt method.

"With this strategy, you focus on reimbursement of debts with the highest interest rates, while continuing to make minimum payments on the rest," explains Hindert. "Once the debt of the highest interest has been refunded, approach the next highest."

You don't know which method to choose? Nelson suggests people to go with the strategy that suits their style more, because the two have their advantages and disadvantages. For example, "although the avalanche method is more effective, it is actually less motivating because you do not clean individual debts so quickly," he warns.

You may want to consider moving your debt to a balance transfer credit card. This implies the transfer of any debt of credit cards high interest to a new card which "offers a low presentation interest rate or 0% for a section period", according to Hindert.

"An inferior interest means that more of your payments go to the main balance, helping you repay the debt faster," she explains. "If you have a good credit and you can get these offers, it's like giving you a financial boost, reducing the burden of high interest rates."

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If you have several debts to pay, you may also want to take into account the debt consolidation loans. Taking out this type of personal loan can help you consolidate your debts "in a single more manageable payment with a potentially lower interest rate," explains Hindert.

"The simplification of several payments in one facilitates the management of your debt, and a lower interest rate can reduce your overall costs," she notes. "It's like combining your strength to strengthen your attack on debt."

As with most loans, your ability to be approved for a loan consolidation loan will generally depend on your credit score. The minimum score required for this type of loan generally varies from 580 in the mid -600s, according to the lender, Marketwatch reports .

Trying to open new credit cards or contract a loan may seem too crushing for someone who is already on debt. If this is the case, a different strategy is to increase your income. Some of the ways you can do include "the collection of secondary work, freelance or negotiation for an increase in your current job", suggests Hindert. AE0FCC31AE342FD3A1346EBB1F342FCB

"Additional income can change the situation, offering you more firepower to quickly repay the debts," she said. "It is a question of taking advantage of each opportunity to overcome your debt repayment plan."

But if you still have trouble increasing your income, you may be able to recover additional money by slightly reducing the workforce. Cherry Preston , PHD, financial therapist And an accredited financial advisor, recommends doing a little house cleaning and selling all the average to high tickets you have.

"Maybe it is a food mixer that you never use, game systems, double electronic devices, electrical tools or furniture - anything that can help collect funds to reduce debt" , explains Preston. "Do not be afraid to sell things to gain ground on your debt progress."

It is a good idea to put unexpected money that you also meet towards your debt. In the simplest terms, a financial windfall is "the money you did not expect to receive, generally $ 1,000 or more". According to Experian . Like Hindert Elaborates, examples of financial manifies include tax reimbursements, bonuses or gifts.

"Significant and lump sum payments can considerably reduce your debt capital, which reduces the interests you will pay over time," she notes. "It's like receiving an additional boost that propels you closer to being without debt."

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Do not forget the importance of creating a budget for yourself if you try to repay the debt. This can help you determine where you can reduce your expenses and allow you to redirect this money to the reimbursement of your debts.

"Consider it as tightening your financial belt to release resources for your mission of creating debts," explains Hindert.

In order to be really useful, your budget should aim to reduce your unnecessary expenses and make you live below your means, explains Nelson.

"Pin the budget for your refrigerator or somewhere you can see it daily," he advises. "When you remember your budget daily, this will influence everyday decisions that will positively influence your financial situation."

Another intelligent strategy that can make your debt much more manageable and help you accumulate.

"This guarantees that you never miss a payment and that you regularly pay more than the required minimum," said Hindert. "Automation allows you to discipline and on the right track, reducing the risk of missed payments and potential costs."

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If you are not confident in your ability to implement one of these strategies, you could benefit from help at a more personal level instead. In this case, Hindert recommends contacting a credit advisor or a financial advisor who can work with you to "create a personalized debt refund".

"Professional advice provides personalized strategies and support, which makes your debt repayment background more efficient and less stressful," she shares. "It's like having a experienced mentor to guide you through the complexities of the reimbursement of the debt, ensuring that you stay on the right track."

Best Life offers the most recent financial information of the best experts and the latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.