Start Paying Off Most Of Your Debt In Just 13 Minutes

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Most Americans carry debt on their shoulders. Some even walk around without the slightest idea of how much debt they have accumulated in their name. Here are some tips to help you become more proactive and tackle your debt easily.

1. Analyze Your Credit Report

No matter how intimidating this sounds, you will need to acknowledge how deep in debt you are so you can recover faster and easier. Managing your personal finances is a tedious task, but once you start keeping a tab on your bills and accounts, you will get a clearer picture. Once you find the accounts portion of your credit report, you'll find everything from credit card loans to installment loans.

And if you somehow end up catching a mistake, don't lose heart. Nearly 74 percent of credit report complaints were about incorrect information last year. You can easily fix the mistake by filing a dispute online.

Total Time Required: 2 Minutes

2. Let Companies Pay Off Your Credit Card

You might feel a little anxious after having dealt with your credit report.

Companies like Even Financial come in handy to find you personalized lending options to refinance or consolidate your debt in order to make substantial long-term savings.

Firms like these help you find potential lenders that are willing to help you pay down the debt that has accumulated in your name. You can borrow, without any collateral, up to $100,000 and compare interest rates. This will allow you to secure a loan at a lower interest rate.

Total Time Required: 2 Minutes

3. Find Hidden Cash Leaks To Save In The Long Run

Before you begin to make a more detailed plan to help manage your debt, you might want to consider areas in your life where you can save a couple of dollars here and there. By doing this, you can channel the money saved into paying off those outstanding balances.

A tool like Paribus helps manage and dig up some extra cash to help you pay off your debt faster.

Total Time Required: 1 Minute

4. Use Apps To Manage Your Money

Sometimes, if you have a lot on your plate, it gets extremely tough to manage your time and money in order to save both.

It's always helpful to set up alerts as reminders to prevent stacking up any form of late fees or overdraft fees. Those fees quickly add up and put you deeper into debt.

To help you manage your finances, an app like Trim can work as a free personal financial adviser for you. It actively monitors your accounts and allows you to set reminders.

Total Time Required: 3 Minutes

5. Make The Most Of Automated Savings

In order to help you get started on the intimidating process of automating your savings, a micro investing app that makes money work for you, like Stash, is a good choice.

Even if you start with as little as $5, on a frequency of your choice, you'll have your own savings in no time. This could also go toward paying off the debt, as required.

Total Time Required: 5 Minutes

In under 13 minutes, you'll have tackled your problem of easy and efficient debt management!

Source: The Penny Hoarder / Featured Image: Pexels

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