Debt consolidation article: Easy Ways to Pay Off your Debt Faster

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If you ignore your debt you will wake up one day to find that it has eaten your entire life. That is what it feels like to be drug under by credit card debt. You don't want to even know how much is on your cards. You don't want to open the statements at all. Forget it -- why would you want to know how long it will take to pay it off.

And the worse it gets, the more you want it to disappear.

The only way it will is by paying it off and getting rid of it for good. You can't ignore it and think it will go away. Over time, it will just grow and grow. You can't wish it away. You can't get rid of it easily. You may have to sacrifice and make changes in your life.

But there are ways to speed it up from where it is right now.

The first thing you have to do is start paying more than the minimum payment. If you are only making that minimum payment, you are dragging things out and costing yourself thousands and thousands in interest. You can save money and time by putting just ten dollars extra towards your debt. Find ways to cut back on other things and put all you can towards your credit card bill.

If you have good credit and a solid credit history, you could consider switching your balance to a lower interest rate credit card. There are many cards offering zero percent interest for a year on balance transfers. You can even find those that claim a low fixed rate on balance transfers for several years. But the key is that you have to make every payment on time or you will go to a default rate of somewhere near 30%. You also have to close your old account so that you aren't tempted to charge on it. You are eliminating debt, not finding new debt!

If you have more than one credit card, you need to make a list. List all of your cards in order from highest interest rate to lowest interest rate. Pay your minimum amount on all cards except for the number one on the list. Put as much money as you can to paying off that card. When it is paid off, do it to the second card on the list. This is called the snowball method. With each card you eliminate, the more you have to pay off the next card with. And when you go from highest interest to lowest, you are saving a lot on interest over time.

If you don't have good enough credit to get a new card with a lower interest rate, you should call your credit card and request a lower interest rate. This will only work if you haven't missed any payments yet. That is the key. You should always contact your lenders before you start missing payments. If you have missed payments, you can try to negotiate a repayment plan with the lender. You may find that you have to talk to several customer service people, but it may be worth it. This is what a debt reduction person would do for you. But you can do it for free.

Simply tell the lender that you are having financial difficulties. You will need to negotiate a lower monthly payment or you will have to file bankruptcy. Many creditors will work with you, especially if you are upfront and honest. But if you fail to follow the deal, they will be angry and probably take actions -- like a higher interest rate and large late fees.

Getting out of debt is not easy. But you can speed up the process by making a larger payment and getting lower interest rates. It may take sacrifice, but in the end it is definitely worth it.

About the author of Easy Ways to Pay Off your Debt Faster

Martin Lukac http://www.MartinLukac.com , represents http://www.RateEmpire.com , an Internet consumer banking marketplace. RateEmpire.com is a destination site of personal finance, investing, taxes and mortgage rates. RateEmpire.com provides mortgage guides and financial rates and information. RateEmpire.com also operates a financial portal #1 American Financial, found at http://www.1AmericanFinancial.com