Debt elimination is very important and thus it should be eliminated very fast. If debt isn’t eliminated fast, then it can become a big burden. Debt doesn’t allow any savings or investments for the future. Debt happens when there is a gap between the income and the expenditure. Many a times, people also take debt for trivial things which amount to only $50 or %100. However the cumulative effect of such small loans can be quite disastrous. All debts have an interest factor too. Thus not only does the capital have to be paid back, but even the interest has to be paid back.
Its important that you take note of all the debts that you have. Debts can be for short term, medium term or long term. Calculate the value of the debts. Start by paying of the smallest debt as well as the debt which has the shortest tenure, in this way you there is faster elimination of debt and one can breathe more easily. Pay off the credit card loans as well as small payday loans. For long term loans, try to make bigger down payments. This will reduce the interest factor on the remainder of the loans.
As the interest rates go either north or south, the rates can also be negotiated...
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