— CONSIDER CONSOLIDATION. Consolidation
combines multiple debts into one payment,
typically through a personal loan or balance
transfer card. This approach can make your debt
easier to manage, and could reduce the overall
interest rate you’re paying on it. Usually, you’ll
need a good or excellent credit score. Before
applying, McClary suggests obtaining a copy
of your credit report and checking your credit
scores to get an idea of whether you’ll qualify.
— NEGOTIATE WITH CREDITORS. Picking up
the phone can also pay off. “If you think the
interest rate you’re being charged is not the best
rate you could qualify for right now, have that
conversation with your credit card company and
see if there’s a lower rate that they can give you
or better terms on the card,” McClary says.
— SCROUNGE UP EXTRA MONEY. An increase
in income gives you the flexibility to pay down
debt faster. You can earn money on the side (say
through a dog-walking gig or cash-back app) or
use a windfall, such as a tax refund.