Blog Home Apply now FAQ Costs Blog Contact About us Contact Us 10 Reasons  To Kwoom Apply Now Frequently Asked       Questions Costs
Three Tips to Pay Off Debt Faster November 5 2014 Who among us isn’t wanting to get out of debt? Debt can be a real burden, especially for those of us with children or others to care for. In these hard times for both personal finance and the economy at large, getting out of debt and having a good credit score are a must. In this article we will tell you three simple tips that can help you to get out of debt faster. You can get out of debt and build your credit too with just a bit of planning. Take Out One Loan to Cover a Few This may seem strange. But taking out one loan to pay others back can actually work in your advantage when trying to get out of debt. Why is this? A singular loan may have a lower interest rate than some of the others you are currently paying on. Just paying one monthly loan payment may also be easier for you logistically. Just be sure that the loan you are taking out to cover your many loans actually has a lower interest rate. You may also want to check out early payoff penalties for the single loan. Track Your Credit Score Your credit score is a very important factor and often overlooked key to getting out of debt. It can actually tell you when you need to keep paying off your loans and when it’s OK to pay some of them off. Having a loan or two out as something you are actively paying on can help to build your credit score. But having too many loans or accounts opened can actually harm your overall credit score. So how can you solve this? By carefully monitoring your credit score to let it guide you. Do this by subscribing to a credit score service like Veda or Dun and Bradstreet. Use Sudden Windfalls to Your Financial Advantage Just keeping up with day-to-day finances is hard for most of us. We know that. When you do come across some extra cash it might be tempting to go out and buy that one thing you have wanted for so long. But in reality you can put that windfall, like an inheritance or tax refund, to your long term advantage. Use this money to improve your finances by paying off debts with it (or at least portions of it). Think of the loans and credit cards that you could easily pay off this way, all while keeping your budget balanced. Click here to see previous blog entries
Copyright © 2015 Kwoom (ABN 95 820 992 945   Australian Credit Licence 412952)
Contact Us
Fast Cash At Great Rates.           No Hassles.
Pay off debts from cash advances and payday loans faster