If you're trying to get out of debt, a little persistence pays off - especially if you are strategic in your approach.
Be sure to make at least the minimum payment on all outstanding loans and credit, but focus extra effort on paying off balances with the highest interest rate first.
Try to bump up your payments so you are making more than the minimum required payment, even if it's just a little extra to start. Gradually increase the amount you pay.
If you have several debts and loans, you might also consider consolidating them to a lower-interest rate loan.
Making lump-sum payments whenever you have extra cash - gifts,
tax returns, bonuses etc. - will reduce your debt even faster and help you save on interest charges.
To see how quickly you could pay down your debts, try our Debt Repayment Calculator.