Getting rid of debt is one goal we hear about often. Of course, paying off debt is not a one-size-fits-all situation. It’s important that you find the right strategy for paying off debt that works for you. Come with us as we explore a few methods you can use for paying off your debt. Different Debt Strategies Here are a few of the most common strategies for paying off debt fast. Debt Snowball Method With the debt snowball method, you focus on paying your smaller amounts of debt off first while paying the minimum amount on your higher debts. Then,…

If you don’t pay debts when they are owed, you can seriously damage your credit report. The question many people ask us is: What happens if a single instance of debt multiplies and fills my credit report with multiple negative items? Michael Bovee, who is the founder of the Consumer Recovery Network, notes how Double Jeopardy works: “You fall behind on an account and your creditor charges off your account. Your credit report lists a charge off, which is very negative. Then the creditor sells the debt to a collection agency who also reports it as a collection account. Now…