Millions of people are struggling with debt problems, so if you’re having issues staying on top of credit card and loan payments, you can take solace in the fact that you’re not alone. While the Internet is full of suspicious quick fixes for debt problems, there are proven solutions you can use to get on the road to financial recovery.
1. Use the Stack Method
The multi-step “stack method” is a proven, no-nonsense approach to debt reduction. First, you must stop creating all forms of new debt. Second, rank your current debt obligations according to interest rates. Third, transfer as much of your high-interest debt to lower-interest credit cards as you can. Contact your credit card companies to see if they might be willing to reduce your interest rates. Finally, make a schedule for paying off your debt and stick to it, rewarding yourself for success in the end.