Maybe you don't have to give up the stuff you love to repay debts

4 Easy Ways to Pay Off Debts

by Paige Estigarribia

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When most people think about paying down debt, images of cutting unnecessary expenses and giving up everyday luxuries usually come to mind. Maybe you've got a morning coffee stop routine, and you've considered passing it by. Or maybe you compared your budget with and without cable TV, and you've thought about going without. The thing is that most of us don't really want to go without the little things we love in life like a morning coffee stop. The solution? Give a bit of thought to these 4 easy ways to pay off debt painlessly.

1. Refinance Your Mortgage

Your housing payment is likely one of the larger items in your budget. Depending on where you are in life and what rates are currently available, refinancing could be a great way to save money. A lower mortgage rate will decrease your monthly payment, and this decrease gives you several valuable options for debt repayment.

Does it take a little effort? Sure! But if it takes you three hours to process mortgage refinance paperwork, and you save $1200 a year, then you've essentially made $400 per hour!

Mortgage refinancing, and applying the savings to debt repayment, is definitely one of those easy ways to pay off debt painlessly.

For more mortgage research, check out our mortgage rate comparison widget:

2. Compare Your Auto Insurance Rates

Auto insurance is a major bill for most households. Finding a lower rate could put extra dollars in your pocket each month.

We've checked out various auto insurance comparison tools. We like and trust this one best to compare current rates for auto insurance.

Take a look at each vendor's offerings after you answer questions about your vehicle. And if you find a lower rate and you are satisfied with the coverage, consider switching to the lower rate.

Again, it'll take a few minutes, but remember what you'll potentially be making as well. For example, if you switch to an auto insurance company and end up saving $300 per year on auto insurance, and the paperwork to make the switch took an hour, well, you'd be a happy camper!

3. Compare Homeowner's Insurance Rates

Just like your auto insurance, you can also compare home insurance rates with a tool like Home Insurance Directly Online from Esurance. Contact various insurance companies to see what they offer in terms of rates and coverage. When you find a rate and coverage you're happy with, make the switch.

If your spending has put you in debt, we can help. Get the simple tools and steps for conquering your debt today!

4. Swap to a Lower Interest Credit Card

Switching to a lower interest credit card can be a great way to save money each month. Whether you're currently paying off a credit card balance, or you pay it off each month but have other debts, when you swap to a lower interest credit card, the amount of each payment that goes to repay principal goes up. That will help lower your balance each month.

There are many credit card comparison widgets. We've looked at dozens of them and for current credit card info we'd suggest using this widget from

Why Not Pay Down Debt the Easy Way?

There's no need to give up the things you enjoy to pay down debt. These 4 easy ways to painlessly reduce debt allow you to pay down your debts without giving up your morning coffee stop and your cable TV!

Reviewed June 2017

Paige Estigarribia is a writer for The Dollar Stretcher who enjoys writing about food, frugal living, and money-saving tips. Visit Paige on Google+.

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