ways to reduce or eliminate debt
5 Smart Strategies to Eliminate Your Debt. 1. Target just one card first. If youâre carrying balances on multiple cards, itâs a long slog to wipe out those debts. So give yourself a boost of instant gratification right from the start, says Mary Ann Campbell, a certified financial planner in Little Rock, Arkansas.
Prioritize your payments. One strategy that will help you reduce your debt the fastest is to pay the minimum on all of your debts each month â except for the one with the highest rate. On that debt, pay as much as you can afford. This will save you money on interest payments and help you reduce that debt faster.