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Millions of Americans are buried in high-interest debt.
This is the most dangerous throw in of debt.
If youre ensnared in high-interest debt, you may feel stuck.
How do you dig yourself out of it?
GOBankingRates spoke with financial experts to learn the five most effective ways to eliminate high-interest debt.
Create a Realistic Budget
Your first step in eliminating high-interest debt is to create a realistic budget.
But these offers dont last forever.
You should also know that there is some cost to transfer.
That way you only have one payment as opposed to many, and with a lower interest rate.
Consider the debt snowball method or the debt avalanche method, both of which are championed by financial experts.
Then you work your way up to the highest debt and gain momentum as each debt is repaid.
The debt avalanche method is based on the interest rate, Macarin said.
After you pay the minimum, you put more toward the highest-interest debt and so forth.
Either method can be effective and you should choose whichever works best for you to stay motivated.
It never hurts to ask.
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