Sneak in extra payments if possible!

Started by Terry C.
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Terry C.

Even if they are small, if there's no penalty to pay off your debt (sometimes there are), sneak in some smaller extra payments! This will significantly and positively affect your credit as well as your debt payoff. I have been using this approach for a couple of years and the results are shocking. Why didn't I do this before?! Try it, you'll see!

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Linda G.

When making payments on a home mortgage loan, I was taught that it was wise to pay an additional amount each month and designate in writing that the extra amount be applied to principal. If you use an amortization schedule to track how much time that can shave off the life a loan, you'll be very surprised.

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Sheryl I.

I paid extra on my credit cards to pay them off early.

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Anuradha G.

Another way is that if you get paid bi-weekly, then pay your mortgage biweekly and you will have make 13 months of payment instead of the 12 months if you paid your mortgage monthly. This adds up in the long run and you can save some serious cash on the interest and you will be mortgage free sooner.

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Elena B.

If you are paid biweekly In which you get 26 paychecks a year, you can make your budget based on 24 paychecks and use the “extra” two for debt. I used this strategy when I was working on becoming debt free.

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Janna J.

I make many extra payment's also even if it's only $10 bucks here and there . I can usually pay off my debt faster as long as I don't spend it first never know when something unexpected comes up .

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Terry C.

If you can pay extra, you'll limit the amount of interest while paying off your debt faster and cheaper!

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