How To Get Out Of Debt: Tips To Get Back On Your Feet Fast

You might be able to refinance your student loans at a lower interest rate and decrease your monthly payment. Things also won't seem so overwhelming since you'll only have one payment.

You can use our student loan consolidation calculator to see how much you could save and shop around for different companies to find the best rates.

2. Consider paying more than the minimum

Don't prolong the agony of having school loans by paying only the minimum. Hambrick's advice? Try to double the payment every month.

"You can make simple lifestyle changes," he says. "Rather than getting a lease on the latest 6 Series BMW, buy a used car and put the difference towards your school loans. Also, put any bonuses and tax returns towards outstanding debt. This will make it come down quickly."

If you have $25,000 in student loans at a 6.00% interest rate and make monthly payments of $280 a month, you'll pay off the debt in 10 years. By doubling that payment, you'll have the loan paid off more than five years early and save almost $5,000.

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Source : http://www.businessinsider.com/how-to-pay-off-big-debt-2018-5

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