Basically beyond a house and an education, debt is bondage. We are basically placing ourselves in bondage to our wants and indirectly to the lenders. We are putting ourselves in the position of working at a job that we may not like, because we can t afford to quit. We rob ourselves of the ability to set new financial priorities for our family and ourselves, because our income is already committed. You should really consider a debt reduction plan because it will save you money.
Debt incurs charges for interest.
Well, you can simply start paying more than the minimum payment. Or take all your money out of savings and pay off an account or two. A more structured and planned out approach will allow you to make the most of your resources. You will want to pay off the highest interest rate debts first. You continue this way, paying the same amount out on debt as you did when you started, until you get to the last account.