Get interest rate reductions. Ask every creditor to whom you have paid your bill in a timely fashion to reduce your interest rate. If a few of them agree to do so, you will be able to pay off the balances on those loans and cards sooner. You may also have more money to apply to paying off other accounts with the money you save from your lower interest rates.
If you get the interest rate on one or more of your credit cards reduced, transfer balances from credit cards with higher interest rates to the card(s) with the lower rate. Check to see if the card(s) with lower rates has any balance transfer fees associated with it. If so, is the spread between the cards with higher rates and the one(s) with lower rates still better when you factor in the transfer fees? If the difference favors doing the transfer, get it done.
Get a consolidation loan. If your credit is above average and none of your creditors are willing to reduce your interest rates, consider getting a consolidation loan. These loans often have rates that are significantly lower than credit card rates and often cost less than paying each creditor separately would. Note, however, that your particular situation may require collateral, such as your home, to secure a consolidation loan. Not all lenders require collateral. So, it pays to shop around if you think your credit and financial picture are good enough to earn the loan without collateral.
Tighten up your spending. Take lunch to work instead of eating out each day. Cut your cappuccino splurges back from five days a week to three days to zero. How many channels do you really need? Reduce your cable TV package. Use the money you save to pay down your debts. Your flourishing financial freedom will love you for it.
This next one might seem to be out in left field, but it really will work. Do you have a qualified retirement plan? Does your employer offer a matching contribution? Do you contribute more to your account than the amount your employer matches? Then, it may be time to suspend contributing above the match for a moment. If your employer will only match your contributions up to three percent of your salary, then, do not contribute more than three percent of your salary.