How to Start Paying Off Debt

The basics of debt reduction are simple: Cut down on your spending and put the extra money toward your debt payments. But there are many proven strategies to help you pay off debt quicker and easier than you ever thought possible.



Want to move from good to better to best in your finances and actually pay off debt fast? You can do it! Paying off debt doesn’t have to mean the end of your happiness either. Here are some clever ways to pay off your credit card debt without giving up your life as you know it.

Figure Out Where Your Money Goes

This seems a no-brainer, but if you want to get your debt under control, start by figuring out your spending patterns and identifying unnecessary expenses. When was the last time you looked at all your debts and their interest rates to devise a payoff plan?


It takes guts to put pen to paper and write down your debts. But it’s worth it! List in hand, you’re now ready to do something about those numbers. A free budget calculator will give you a clear view of your monthly finances and help you find places to change your budget to make the most of your income.

Lower Your Fixed Expenses

Now you see exactly where your money is going you should start by eliminating and reducing your outgoings. Take steps to lower your household bills; shop the market for lower energy companies, phone contracts, gym memberships. Go a step further and refinance your mortgage, ask your credit card company to lower the interest rate you’re charged and compare local supermarket food prices.


The combined savings will surprise you and jump start your debt-free journey.

Boost Your Income

Speed up your journey to a debt-free life by earning more money. An “easy” way to do this is by taking up more work; Babysitting, dog sitting, cleaning, bar tending and Uber driving can boost your finances quickly.


We understand getting a second or third job isn’t viable for most people. Consider whether there’s any way to boost your take-home pay. If you get a big tax refund every year, that means you’re having too much withheld from your paycheck. If that’s the case, you can reduce your withholding by changing your W-4 at work.

Pay Off the Most Expensive Debt First

Sort your credit card interest rates from highest to lowest, then tackle the card with the highest rate first. By doing so you increase your payment on the credit card with the highest annual percentage rate while continuing to make the minimum payment on the rest of your credit cards.


You might consider moving some of your high-interest credit-card balances to a card with a lower interest rate. But read the fine print on any invitation to transfer balances. Sometimes such low-interest-rate offers are only in effect for short periods of time, after which the rate skyrockets. Once the debt with the highest rate is wiped out, put your money toward paying the debt with the next-highest rate.

Consider a Personal Loan

Yes, you heard that right. How? Using a personal loan to pay off your credit card debt is only moving the money around, but it just so happens to be a pile of debt with better interest rates and terms for you. You’ll also have the opportunity to consolidate payments into one which allows you to focus all of your time, attention, and energy into that one payment.


Finally, using a personal loan to consolidate your debts can also lower your total monthly payments for the debts that you owe. You could find that your monthly minimum payment for your one personal loan that consolidated your debt is lower than the total of all your separate credit card minimum monthly payments. By lowering your monthly payments you create a debt snowball which will assist you in paying off your credit card and now personal loan debt faster.

Personal Loans from Total Loan Company

Total Loan Company, LLC is a consumer installment lender offering a personal loan online in the states of Illinois, Missouri, South Carolina and Utah. Our mission at TLC Loans is to provide you with a solution that resolves or bridges your current troubles for an extended period of time and to provide you with a convenient and dependable source for additional cash whenever you need it!


We are a highly rated lender and our team has a long history of working in the consumer finance industry. Most of all we understand the challenges facing our customers and their families. We know there are times where you may need an installment loan to get you through a tough financial time. TLC is here to help!


Contact us today for more information, or simply apply for your loan here today.