Who is Bruins Capital?
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Bruins Capital wants to take your multiple interest rates, multiple due dates, multiple credit card bills, and streamline them all into one easy way to pay off your debt through an unsecured debt consolidation loan. Streamlining means better understanding of your finances. Streamlining means you can think ahead. Why be financially cluttered? Streamline your finances with Bruins Capital.
There are several tips and tricks that you can include in your debt consolidation repayment strategy, many of which are intuitive. Before building your debt repayment strategy, make sure to categorize the different types of loans that you have accumulated – mortgage debt, credit card debt, student debt, etc. – overtime. With different liabilities identified and quantified, you can make personalized tweaks to your strategy.
Without further ado, here are 9 easy ways to pay off debt.
1. Make a Budget
Creating a budget is the key to debt repayment. If you cannot plan and manage your expenses, then you will never escape your debt trap.
You must make it a habit to record your everyday spending, no matter how small it is. There are now several apps for this purpose and they are very easy to use. This way, you will understand where your money is going and what you can do to curtail excessive spending. Using a budget is a practical and easy way to pay off debt.
2. Prioritize High-Interest Debt – An Easy Way to Pay off Debt
Start with the unpaid credit card debt for which you owe the highest interest rates. It is prudent to target such loans to prevent the interest expense from piling up and deteriorating your debt scenario.
One way to do this is to arrange your credit card balances in the order of interest rates. Start with paying off those amounts that have the highest interest rates. This will start to lower your high debt ratio and provide the most credit card relief.
Maximize your payments for credit cards that incur the most interest. At the same time, keep making minimum payments for other cards as well. This particular strategy is an easy way to pay off debt.
3. Pay a Sum Higher than the Minimum Amount
Try to pay a greater sum than the minimum amount if you really want to make a difference to your credit card debt relief plan. If you are content only with paying off the minimum amount, then you will only prolong your debt payment time frame.
To increase your commitment and dedication, make it a habit to pay off your amounts every week rather than every month. Doing so will keep your attention focused on debt payment and keep you aware of the amounts that you owe for each debt class.
You will also need to commit a higher sum than the minimum amount whenever you pay. If the minimum amount to pay is $200, then you must make it a habit to pay $200. This represents yet another easy way to pay off debt.
4. Utilize Balance Transfers
If you have debt on a high-interest credit card that you know you can pay off in a few months, then you should transfer that amount to a credit card that allows free balance transfers. However, you should be fully confident that you will be able to pay off the amount within the given time frame. If you fail to pay within the deadline, you may face a much higher interest rate on the new card. However, if you successfully pay off your debt within the given time, you will save a lot of money on interest and find that it is an easy way to pay off debt.
5. Stop Credit Card Spending
If you want to prevent your debt from piling up and responsibly manage your personal finances, do not rely on your credit card for shopping. Whenever you go shopping, leave all your credit cards at home. Make sure that you have enough cash in lieu of credit cards.
Don’t be tempted by cash backs, rewards and other special offers on these credit cards. These offers will make your debt problem even worse. You can earn your rewards and take advantage of special offers once you have paid off your debt and are financially stable. Avoiding credit card spending is an easy way to pay off debt. Taking a personal loan for debt consolidation is another option that is worth considering.
6. Bonuses – An Easy Way to Pay off Debt
Any bonus amounts that you receive from your employer should go towards debt repayment. There is no point in spending your bonus and perks on exotic trips when you have a debt problem to contend with. If you have the temptation to squander your bonus on vacation, then you can plan a holiday after you are debt-free. Remember, a holiday is worth it only when you are worry-free, and most importantly, debt-free. Such a vacation should be your reward for successful debt discharge. Not to mention, it will be the most memorable and joyous one of your life in all likelihood.
7. Delete Your Credit Card Details Online
If you shop online frequently at some e-commerce retailer, you may have likely provided your credit card details to facilitate quick and easy payments. The convenience with which you can make payments will, unfortunately, also make it easier for you to overspend on unnecessary items. To prevent this from happening, you should erase your credit card details at that online store.
For recurring payments that you deem mandatory, resort to a debit card issued by your credit card service. Debit cards are an easy way to pay off debts.
8. Sell Unwanted Items from Your Home
If you have gifts or other valuable items that you don’t use and are simply gathering dust, consider selling them on Craigslist or eBay. It makes little sense to keep them tucked away in your closet when you can put them to good use in this way.
Do your research to determine the right price at which you can sell your possessions. The proceeds from such sales are a good way to get out of credit card debt.
9. Change Your Spending Habits
Most importantly, you really need to contemplate and mull over the spending habits that got you into steep debt in the first place.
Think about all the different ways that you spend your hard-earned money, and how you can maximize your savings. If you buy food from outside, then you should think about making home-made food since you will likely save more. There are many such easy ways to pay off debt.
In order to repay your debt, you will have to make tough decisions and lead a more austere lifestyle. However, remember that this is only a transient phase that will be over as soon, as you get out of your debt trap.