Get out debt without consolidating
Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided.Please also note that such material is not updated regularly and that some of the information may not therefore be current.Make sure that you always pay more than your minimum payments on you credit cards, overdraft, or line of credit.If you only make your minimum credit card payments each month, it can literally take forever to pay off your balance.
Debt consolidation loans involve combining several high-interest loans or debts into a single debt with a lower interest rate.
If you want to pay off your balance quickly, pay as much extra as you can afford. Try using a financial calculator to see how much you can save like this!
Most of us have wishes and wants that are bigger than our paycheques.
A lot of people tell us that they would love to pay down their debt or completely get rid of it altogether, but they aren’t quite sure of the best way to do it or where to get started.
There really isn’t any one “best way” that works perfectly for everyone.