How to Pay Off $10,000 in Debt Without Breaking a Sweat

Hoping to shrink your debt load in 2016? It may be easier than you think, especially if you follow these three easy steps.

Let’s look at the numbers.

To pay off $10,000 in debt, you need to pay off about $833 a month, and you’re probably already paying a big chunk of that.

Granted, some of that money is going to interest, but you’re paying down the principal (your debt) as well. Pull up your account statements to learn exactly how much of your monthly payment goes to principal and how much is being eaten by interest.

Then subtract the total of your current monthly principal payments from $833. For example, if you’re currently paying $333 toward your principal each month, you’d need to come up with an extra $500 each month to reach $10,000 for the year.

There are a number of ways you could do that. You could:

Between saving money and earning money, there are plenty of ways to come up with an extra $500 a month to put toward your debt pyramid and hit a $10,000 payoff for 2016.

Are you planning to pay down your debt next year? Or are you already using a debt pyramid? Let us know how it’s working for you in our Forums. It’s a place where you can swap questions and answers on money-related matters, life hacks and ingenious ways to save.

Maryalene LaPonsie
Maryalene LaPonsie
After 13 years as a staffer for a Michigan legislator, I decided it was time to quit the commute and work from home instead. For the past three years, I’ve been penning ... More

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