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How to Get Out of Deadly Debt
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[QUOTE="Jasmine, post: 273538, member: 49159"] I do not have debt. However, if I had debt, I would use the following strategies to pay off my debt and become debt free. Pay high interest loan first: If I had 4 different loans, at 6 percent, 7 percent, 8 percent and 9 percent interest rate, I would star paying the loan that has 9 percent interest rate. If I don't have enough money to pay the higher interest loan, I would pay only minimum due for smaller interest loans and pay as much as I can for higher interest loan. Once my higher interest loan is paid off, I would focus on second highest interest loan. Debt consolidation: If I was paying 6 percent, 7 percent, 8 percent and 9 percent interest rate on my 4 different loans, I would be paying 7.5 percent interest on average. If the loan I acquire for debt consolidation would be less than 7.5 percent, I would use this option. [/QUOTE]
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How to Get Out of Deadly Debt
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