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FAQs: Paying down debt and protecting your money. Learn more about paying down your high-interest debts with these common questions.
The 5 steps this couple used to pay down their debt 1. Create a budget — and then create a plan “Budgeting was a big part of our debt repayment story,” Williams explained.
According to Fidelity’s 2022 Financial Resolutions Study, 41% of respondents said paying down debt was one of their top financial resolutions. Take a Look Back: 2022 Year in Review
However, you'll start paying interest immediately with debt consolidation loans, unlike the 0% intro period on balance transfers. That's why 0% intro APR credit cards are a more affordable option.
For example, you can consolidate debt with a 0 percent APR credit card that lets you pay down debt with no interest for up to 21 months. However, ...
As you pay down debt and close accounts, your available money “snowballs” into larger amounts, giving you more resources to handle the remaining debt. The benefit here is a quick win.
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