How can someone pay off debt quickly?  

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(© Vitalii Vodolazskyi – stock.adobe.com)

The COVID-19 pandemic has taken the world by storm and this has led to a financial crisis as well as a public health crisis. Numerous individuals and families have been hit hard by the virus. Some people might have lost their jobs. Small businesses have watched their revenue dry up. Many others have had their hours cut, leading to tremendous pay cuts. One of the side effects that has developed from this crisis is that debt has piled up. This might lead to phone calls from a small business debt collection agency; however, there are ways that people can pay off their debt quickly. There are a few resources that everyone has to know about.

For those who have medical bills or medical debt, they might have gotten a letter or a call from a dentist debt collection agency. Instead of worrying about what these letters and phone calls mean, it is important to think about the solutions that are available. When it comes to medical debt, healthcare organizations want to make sure they can keep their lights on. They do not want their patients to go into default. Therefore, they are often willing to negotiate that debt for a smaller amount; however, nobody will take advantage of this option unless they pick up the phone, call them, and ask about their options. Medical debt can often be negotiated for a lower amount, making it easier to pay.

Another option is to reach out to other lenders and creditors and see if there is a way to put a pause on those payments until someone lands a new job or has their hours restored. For example, landlords and mortgage companies are often willing to put a freeze on the payments, without accruing any additional interest, as a way to help people make their other payments on time. While the entire balance will be due eventually, those who take advantage of these options will be able to use that extra cash to pay other bills that might not be as flexible. This is another way to pay off debt quickly.

Finally, one of the most important ways that people can pay off their debt sooner is to refinance. For those who have student loans, they might know that there is a freeze on the interest on these loans right now. This provides a unique opportunity to consolidate those loans and refinance to a lower rate. By refinancing, the interest on the loans will be lower and you will only have to remember one payment per month instead of multiple. This is another way that students can pay off their student loans in a shorter period of time. These are a few of the top strategies that everyone should keep in mind when it comes to paying off debt quickly.

         
 

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