VIVA Personal Finance Blog

How to pay off debt? How to pay debt faster?

Updated: Sep 16

Paying off debt, fast, can be done a few different ways. The easiest option is to make larger payments than the required payments.

A relatively simple option is to make larger payments. For installment loans that means making payments larger than the required installment payments. On credit card balance debt, payments should be more than the required minimum monthly amount due.

Another way to pay debt faster is to make payments more frequently than required. So if your loan payment frequency is every month, try making two payments a month instead. For credit cards, this could mean making a payment every week. Larger, longer-term loans like mortgages could be paid off faster with 13 payments per year, instead of the typical 12.

Before making early, extra, or larger payments on any loan or debt, be sure to check the contract to see if there are any early repayment penalties.

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