The faster you pay off a loan, the less in total interest you need to pay.
Tap into equityUsing assets you already have to pay off your loan may help you both pay off your loan faster and negate the need to do things like pick up another job or cut down your budget.
Among the two most popular strategies to pay down loan debt are the debt avalanche and the debt snowball.
Once your highest interest rate debt is paid off, you move on to the next-highest interest rate, and so on down the line.
This will increase your overall loan balance, and you'll later pay interest on that higher amount, upping the total cost of your loan.
Persons:
you'll, —, Gabe Krajicek, Krajicek, Forrest McCall, aren't, McCall
Organizations:
Service, Chevron