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Nobody enjoys paying bills, but if every mail delivery brings more demands for money, the bills are mounting up in a pile, and you’re juggling the debt you already owe with new expenses arriving every day, it’s time to take control and reassess your approach to paying bills.
It takes hard work and a solid strategy to pay off bills fast, but the goods news is that with effort and planning, many people have recovered from overwhelming debt and steered their finances back on track. As well as peace of mind and greater financial stability, you’re likely to save money in the long term - if you’re not paying off your bills in a timely manner, those debts can snowball from interest charges and late fees.
It’s impossible to pay off bills efficiently if you don’t have a realistic picture of how much you owe each month and when those payments are due. In fact, being disorganized in paying bills is often a major factor in debts getting out of control in the first place. Not knowing or ignoring how much you need to pay each month doesn’t make the bills disappear!
Pull together a list of all your regular bills, including fixed living expenses, utilities, credit card and store card bills, loans, and any other repeat payments. Those may be weekly, monthly, quarterly, or even annual bills. Then, create folders to keep the bills together – it saves time when paying bills and prevents accidentally missing a payment and incurring late fees.
Prioritize the list of payments and make a plan. Some bills will be fixed expenses that you can’t change. Others, such as credit card bills, involve choices on which debts you prioritize. If you’re looking at how to pay off bills fast, you need an aggressive plan to tackle the most expensive debts first, which means those with the highest interest rates.
Keep payments on the lower interest rate bills to the minimum required, and pay as much as you can on the high interest bills. Paying above the minimum reduces the debt much faster and saves interest charges over time. As you cancel out the high interest rate debts, roll the cash you’ve been paying on those bills into the next priority debt. Although it might seem easier to tackle a small debt first, if the smallest debt happens to be at a low interest rate, the “easy” option can prove costly. If your main concern is how to pay off bills fast, throw all your efforts at the high interest rate debts first.
If possible, transfer balances on high interest credit cards to a lower interest card. Be sure to consider the balance transfer fee and interest rate after any introductory offer is over to ensure it benefits you in the long term. A personal loan from a lender to consolidate your debts at a lower interest rate may also be a solution, although again it’s important to do the math in case the loan works out to be more expensive than simply sticking with your strategy to pay off bills directly to the current creditors. It’s generally not a good idea to shift unsecured debts (such as credit card bills) to a personal loan secured on your property, such as a home equity loan. If you fail on those payments, your home is at risk.
If you can’t bring in more income, then one of the most effective ways to pay off bills fast is to trim expenses. It’s surprising how quickly even small savings add up, leaving more cash available to pay off bills. Take your own lunch to work, eat dinner at home rather than dining out, cut down on energy usage to slash utility bills, cancel unnecessary subscriptions and memberships, search online for coupons when making essential purchases, and shop at thrift stores. Retire credit cards and store cards until the balances are settled. Remember: These frugal measures are only until your major debts are paid off and you’re back in control of your finances. If you’re seriously asking yourself, "How can I pay my bills off faster?”, then it’s vital to cut expenses and put every dollar toward your debts. Get ideas on 101 Ways to Trim Your Budget painlessly.
If you’re still struggling to pay off bills, and you have at least $2,500 in unsecured debt on two or more credit cards, consider consulting a reputable debt relief company. Debt Management Plans and Debt Settlement Plans are effective and proven strategies to consolidate and pay off bills. With either type of plan, you make one affordable monthly payment toward all your debts. Other benefits may include reduced interest rates, or a lower settlement on the total debts owed. There are pros and cons to each plan, depending on individual circumstances. Find out more about how Debt Management Plans and Debt Settlement Plans work to help customers pay off bills.
A debt consolidation loan can be a great tool for people with bad credit to help them get their finances back on track. By combining your existing bills into one new, monthly payment, you’ll be able to pay off most of your debts and work on becoming debt-free for the long term. But if you’re one of the many consumers with bad credit, you may be wondering whether you even qualify for a consolidation loan.
Because of the economy, millions of people across the country are looking for debt help. If you’re one of those millions, you may be facing overdue loans, calls from debt collectors, and increasing late fees and interest rates. In many cases, the best way to get rid of these debt problems is to work with professional debt-relief provider.
If you’re struggling with debt – as many consumers are – you may be looking for a way to pay off your bills and get back on track financially. Debt consolidation loans for bad credit profiles are one way to get out of debt, but you may be wondering where to look if you’ve been turned down by your bank or credit union. Before you go down the wrong road, take some time to realize there are choices for you, regardless of your credit history and financial situation
Making the decision to consolidate your bills with a debt relief plan shouldn't be taken lightly. Despite the proliferation of ads marketing the benefits of bill consolidation, many consumers find that they're able to save time and money by paying off their debts on their own. However, if you're in over your head, a bill consolidation program is one option that can help you get out of debt and plan for your financial future.
Debt consolidation comes in many shapes and sizes, as do the companies that offer ways to manage your finances. From "bad credit" consolidation loans for consumers with less-than-perfect credit to so-called "payday" loans to debt settlement plans, the list is nearly endless. So as a consumer, how do you select the best option for your financial situation? Outline your financial goals, research consolidation companies and review your debt consolidation choices.
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