The simplest way to be debt free fast legally is to pay extra on the principle of your debts each month.
By doing this you will reduce the interest charges each month because the principle amount that the interest is calculated on will be less each month. Over time a larger portion of your payment will go to principle and less to interest. Eventually you will pay off the debt and at a much faster rate because you reduce your interest and increase your principle payment each month.
Hector Milla Editor of the “Credit Card Debt Counseling” website — http://www.CreditCardDebtCounseling.biz – pointed out;
“…Of course it is not always possible to pay extra on the principle amount of your debts each month, especially if you have several debts you are paying on. In this case you may need to focus on one debt at a time. Pay extra on one of your debts and the minimum on the others. Once you have the first one paid off, focus on the next one and continue this process; eventually you have them all paid off…”
Debt consolidation is another legal way to be debt free fast. If you have equity in your home you can take out an equity loan or refinance your mortgage to obtain the funds to consolidate loans. Even with bad credit there are consolidation loans available for home owners. Once your credit profile is improved you can refinance the mortgage again to obtain a lower interest rate.
Another alternative is to use a debt consolidation/settlement company to settle your debts for less than what you owe. This is where a debt consolidation company sets up a plan to pay off all of your unsecured debts, gets your creditors to agree with the plan then you make one payment to the program which then pays your creditors. The creditors often agree to remove late fees reduces interest and even sometimes reduces the principle.
“…Use your opportunity for a consolidation loan or debt consolidation/settlement wisely. Establish a budget to control your spending and pay down your debts. You will be-able to pay off your debts faster especially unsecured debts…” added H. Milla.
Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.CreditCardDebtCounseling.biz