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  1. Home
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  3. Debt
  4. How to Get Out of Debt

How to Get Out of Debt

April 11, 2000
By: eHow Personal Finance Editor
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How to Get Out of Debt. Getting out of debt is challenging, but it can be accomplished with dedication and perseverance.

...
Get Out of Debt

Step

Cut up your credit cards except for one or two to use for emergencies. Throw away the pieces.

Step

Cancel all of your credit lines and request a lower interest rate on the debt you have left.

Step

Transfer as much debt as possible to the credit card that has the lowest interest rate, or get a ** loan from a bank at a lower rate.

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Step

Use cash for all your purchases, and only buy what you can afford.

Step

Commit to start paying off your debts one at a time and do it. Pay off the credit card and loans with the highest interest rate first.

Step

Double your payments on the next debt by taking the payment you made on the first debt and adding it to the current debt.

Step

Triple your payments on the next debt by combining payment amounts. Continue until all your credit cards and other debts are paid off.

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