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The vast majority of Americans have some sort of debt. This could be credit card bills, car loans, student loans or something else entirely. The only way to reach full financial freedom is to pay off this debt as fast as possible. Unfortunately, there are far too many people that simply do not where to start. These are the four things you must do when trying to pay off debt.

Reduce Your Expenses

The first thing you need to do when trying to eliminate your debt is find as many ways possible to reduce your monthly expenses. Take a hard look at your expenses and cut out anything that is not necessary. Getting a fancy cup of coffee every morning should not be a priority when you are struggling financially. You can also shop around for better deals on cell phone and insurance plans.

Stop Using Credit Cards

Credit card debt is the worst type of debt you can have. Credit cards have higher interest rates than every other popular form of debt. This means you are essentially throwing away money every month you maintain a balance on your cards. The first step in eliminating this debt is to completely stop using the cards until the balance reaches zero. If you cannot afford to buy something with your debit card, then you do not need it.

Earn Extra Money

Paying off debt is obviously a lot easier when you have more money. While it can be hard to find a more lucrative career as an adult, you can always find ways to make money on the side. It is up to you to determine the best way to earn this extra money. You can do favors for people in the neighborhood, sign up to be an Uber driver or just get a part-time job.

Consolidate Your Debt

If you have a large amount of debt, then you need to consider getting a consolidation loan. Doing this allows you to combine all of your debt into one loan. This can drastically reduce your monthly expenses. Debt consolidation loans will also provide a far lower interest rate than most of your debt, so you will save money in the long run too.