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Square. If you're looking for a no-frills approach to mobile credit card processing, then check out Square. Payment. ROAM pay. PayPal Here. Google Wallet. ISIS. Bypass. payware.
Here's how it works: Step 1: Make the minimum payment on all of your accounts. Step 2: Put as much extra money as possible toward the account with the smallest balance. Step 3: Once the smallest debt is paid off, take the money you were putting toward it and funnel it toward your next smallest debt instead.
If you have credit cards with the same interest rates, you may want to pay off the smallest balance first and then work on the largest. You also may want to put the loans that save you on your taxes at the end of your debt payment plan. For example, your student loans, home equity loans, or second mortgage.
Typically, if you have any high-interest debt, you should absolutely pay that off first, as soon as you possibly can. Any debt with interest rates in the double-digit realm should be repaid in a timely fashion, including credit card debt, any bills in collections, payday loans, and certain medical debts.
You'll pay off the smallest student loan first, rather than the one with the highest interest rate. Some borrowers prefer to pay off small loans one by one. You can also opt for a combination method. Rank your loans by interest rate, and if several have the same or similar rates, pay off the smallest one first.
ABC Bank: $500 balance. MRS Bank: $4,000 balance. XYZ Bank: $5,500 balance.
Create a budget. Pay off the most expensive debt first. Pay more than the minimum balance. Take advantage of balance transfers. Halt your credit card spending. Put work bonuses toward debt. Delete credit card information from online stores. Sell unwanted gifts and household items.
Stop using credit cards. Pay as much as you can afford each month. Make cuts to your spending. Double up on payments. Use windfalls to pay down balances. Freelance to earn extra money. Tackle debts with the highest interest rates first.
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