Debt elimination is very important. Debt eats away the savings and doesn’t allow for investment. Remember a dollar saved is a dollar earned. Start by taking into account, the various types of debts that you have. For example you may have taken a mortgage loan, car loan, business loan etc. Try to eliminate the smallest loan first.
For example you may have taken a payday loan of $100 only. However the interest payments on that are very exorbitant. Therefore when you get your next paycheck, pay the debt of the $100 first in full. In this way start paying off the loans.
Try to have shorter-term periods for your loans. When taking mortgage loans or car loans opt for a medium term say 10 years to pay off your debts. In this way, you will not make huge interest payments. Try to make bigger down payments. This will reduce the interest payments that you might have to make. If possible try to repay the loan before the stipulated period, for faster debt elimination and easing of financial pressure.
However ask the loan manager whether there are any penalties, which may be applied. Weigh whether the penalties are more than the total interest repayment or whether they are less. If the penalties are less, then repay the debt. This will result in debt elimination.
There is a debt elimination resource was written by a woman who went from over $35,000 in debt to having no debt in about 3 years. The book is free and details exactly how she did it and how you can too. I read it and discovered some hidden secrets I wasn't expecting, like dirty tricks banks and other creditors pull to keep you paying them money long after they have turned a profit.