Easy Ways to Tackle Long-Term Debt

Too many Americans find themselves being defeated financially by a pattern of long-term debt. However, it is possible for individuals to fight back and put themselves on the road to financial freedom. If you find yourself living from paycheck to paycheck, stop the madness and take these steps to get your life back.


  1. Complete an inventory of your debts. List all of your debts and how much you owe. You may wish to create a spreadsheet to keep everything orderly. Include your mortgage, car payments, any student loans, and all of your credit card debts. List the monthly payment for each. By knowing what your debts are, you can begin to attack them and pay them off.


  1. Consider your loan reduction strategies. There are two things you can do. You can identify the loans that can be paid off the quickest and take care of them first. The second option is to start paying off those loans that carry the highest interest rates. With this option, you may not see results right away. If you need to feel some form of accomplishment, pay off those loans (like small credit card balances) that can be done quickly first.


  1. Mortgages and student loans. These types of debt are harder to attack because the payments run over much longer periods of time. Also, these types of debt are not necessarily bad. Student loans mean you have invested in yourself and your future. Owning a home offers you tax deductions on your interest payments. If you must, consider adding to your monthly payments or making extra payments over the course of a year, thereby accelerating the payoff.


  1. Consider a car title loan for debt consolidation. An auto title loan from Embassy Loans is easy to obtain and can be done so in as little as an hour. A borrower can consolidate several payments into one overall lower payment and pay off that debt much faster. Depending on the make and model of your car and how much is remaining on any car loans, you could borrow several thousand dollars which might allow you to pay off several smaller credit card balances. Car title loans are short-term loans that are typically paid off within a few months.


Make sure you understand your debt, your payments, and how much is owed first. Develop a plan of attack and proceed. Stick to your plan and eventually, you can become financially free.