This article is provided and sponsored by:
ClearPoint Credit Counseling Solutions

As the saying goes, “Anything worthwhile is never easy.” Paying down debt or reducing your debt is no exception. When we accumulate a lot of debt, it’s easy to put it off, sometimes due to shame, guilt, or the feeling that it is too big of a challenge. The problem is that debt grows quickly, due to interest. As a result, it’s important to find motivation to pay it off as early as possible.

Here are some tips to keep you motivated:

  • Watch or read inspirational personal finance experts. Suze Orman, for instance, is great at not only imparting financial advice, but also for motivating her audience. Of course, there are other personal finance gurus out there. Pick one you enjoy!
  • Write down your long-range financial goals. Start a financial journal in a spiral notebook. This book can be used to track your progress, hold your feedback, and to keep your eyes on the prize-your long-term financial goals.
  • Make a plan. Without a plan, it’s nearly impossible to motivate yourself to pay down debt. You know, all too well, that just wishing something to be doesn’t work. We have to make a plan that includes specific steps we can take to move forward, out of our financial slump.
  • Seek support. You need to find support within yourself and from family and friends. Tell people about your plans and goals so that they can help keep you accountable.

Once you’re motivated, there are several options for how you can pay down your debt. The most basic option is the DIY method. If you want to pay off debt fast, you can use the ladder method so that you pay the high-interest accounts first. This is the most efficient way to pay off debt, mathematically. Studies show, however, that most people have an easier time paying down debt when they use the debt snowball. This allows you to pay off small accounts quickly and keeps you motivated!

Learn more about the debt snowball and debt ladder methods so that you can get on a path to becoming debt-free. If you have too much debt for one of these plans to, or if you just need some professional advice, contact ClearPoint. To speak with a consumer credit counselor for a free financial review and recommendations, consumers may call 800-750-2227.