I was reminded at the end of April that sometimes you have to quiet the voices when paying down your debt! Even when you are on track and paying down your debt, the voice of doubt still manages to creep in. You feel like there HAS TO BE something else you could be doing. When your debt total is large like mine, you  can get depressed. You begin to feel hopeless. This is why you should have someone you check in with to keep you accountable. I delayed sharing my numbers last month  after having a discussion with my financial advisor, Annette. She reminded me that a person paying down debt always has a list of options. Read on for that list.

When you are struggling with how to tackle paying down your debt faster . . . here are five items to consider.

5 MORE options for paying down your debt

1. Apply for a loan. Taking out a loan can reduce your payment as it may have a fixed and lower APR than your current credit cards. Depending on your financial health, you may or may not qualify for approval of a loan. Read all the fine print prior to applying.
2. Balance Transfers. On occasion your credit card company will offer you a balance transfer promotion. For a specific time period, you are given a lower rate to transfer balances from other credit cards that have a higher APR rate. Read the fine print before applying for a balance transfer.
3. Know when you will pay off your debt in full. Some websites help you calculate your current debts payoff date. You might also find out how long it will take you to pay off your debt in a statement. Credit card companies now tell you if you pay the minimum payment it will take you X amount of years. They will also show you how you can pay it off faster with an extra X amount of dollars. Loans are typically given a certain time period to pay off the total debt and can be found in the original paperwork. Knowing when you will pay your debt off in full will help you realize your debt is only temporary and gives you something to look forward to.
4. More income. If you have the time and ability to bring in more income, this will help pay your debt down.
5. Have patience. It took a while to rack it up and it’ll take even longer to pay it off… but it will be paid off!

These extra five options are always good to consider. They may not always make sense for you depending on your current financial situation. It is ALWAYS important to do your homework when it comes to debt elimination products. If something is not clear make sure to ask questions.

When it comes to your money there are no stupid questions!

Next week we’re discussing my list of Must-do’s for paying down your debt!

What have you tried in addition to help pay down your debt? Is there anything you would add to the list? Share with us in the comments below!

Until then,