You don't need to pay for expensive debt programs. These 5 free strategies have helped thousands eliminate debt.
1. The Debt Snowball Method
Pay minimums on everything, put extra money toward the smallest debt. When it's paid, roll that payment into the next smallest. Free to use, psychologically powerful.
2. The Debt Avalanche Method
Attack the highest interest rate first. This saves the most money over time. Requires discipline but mathematically optimal.
3. Balance Transfer Strategy
Move high-interest credit card debt to a 0% APR card (typically 6-21 months). Use this window to pay down principal aggressively. Watch for balance transfer fees.
4. The Debt Consolidation Loan
Combine multiple debts into one loan with a lower interest rate. Works best if you can get a rate below your current debts. Builds discipline with one payment.
5. Negotiation & Settlement
Contact creditors directly. Many will negotiate lower interest rates or one-time settlements if you're behind. Document everything in writing.
✅ Best Approach: Combine these strategies. Use the snowball for motivation, avalanche principles for savings, and negotiation for lower rates.