2 simple ways to escape debt FAST

There’s absolutely no doubt that the vast majority of individuals would prefer to opt-out of their typical 40 hour work week.

The thing is, these people understand that they can’t afford to sacrifice the pay that comes along with these day-to-day shifts if they really want to escape from the rat-race one day.

A good paying job and setting aside money for the future go hand-in-hand with retirement, but these savings often get kicked to the curb as income goes towards paying bills and getting out of debt.

One of the most common forms of debt are the loans that accumulate from college.

While there’s not much you can do for regular bill payments, you do have a few options for paying off your student loans fast so you can escape debt and start working your way towards a comfortable retirement.

Here are a couple EASY strategies for erasing this kind of debt once and for all.

Studies show that 85% of employees dislike their career.

Interesting enough, this same percentage applies to the amount of people who consider retirement to be a top priority.

However, leaving work for good and entering into retirement involve saving money, which is difficult to do when you have the debt of student loans looming over your head.

With that said, your best bet for paying off these loans ASAP is to refinance them.

This particular option allows you to combine your existing student loans into a new, single loan that comes along with a lower interest rate.

Student loan refinancing simply streamlines the process of paying off this debt.

It’s common for graduates to accumulate multiple loans throughout their years spent in school, but refinancing provides a great way for you to make one monthly payment from a single loan servicer.

Let’s say you have $100,000 of student loans at 8% payable over 10 years…

You can refinance these loans at 3% and effectively save a total of $29,720 in the process!

Not only will you be able to get out of debt at a quicker rate, you’ll also have close to an extra $30k to show for it afterwards!

Another gateway to escaping this debt is to increase your student loan payments.

It may seem counterintuitive, but this is one of the best strategies for erasing student loans faster.

For example, bumping up your monthly loan payment by another $100 per month has the potential to save you $5,554 and erase your debt a little over a year earlier!

If you can afford it though, you should always aim higher. Instead of taking on an additional $100, you can increase this value to $500 instead.

Doing so would save you $18,521 worth of total savings and allow you to cut ties with these ongoing payments about 4 years earlier!

So, why take the traditional route towards paying off your student loans when you have other options at your disposal that can bring you to your destination much faster?

There are very few individuals who actually enjoy their job.

Most of us are just working to cover expenses so we can hopefully retire someday and have the freedom to do what we truly want with our life.

But because of the debt that comes along with student loans, saving for retirement is consequently postponed.

Yes, it should be a top priority to squash this debt and avoid interest payments prior to setting aside finances for the future, which is why I encourage you to either refinance your student loans or increase your monthly payments on them.

Afterwards, you can use the money you save and the absence of these monthly loan payments to bring you closer to retirement.

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