Achieving a debt-free life is hard work – and at times, it may seem impossible. But with some careful planning and hard work, you can get out of debt for good! Try out a few of these strategies to pay down those loans smarter and faster:

1. Go above and beyond – pay more than the minimum. Paying more than the minimum on your loans every month will save you money in the long run. The faster you pay off your debt, the less interest accrues.
   
   
2. Try refinancing your debt. Save money and pay off debts faster by refinancing your current loans to a lower rate. Many financial institutions offer refinancing options for mortgages, auto loans, student loans and more.
   
   Another way to refinance is to combine all your debt through a debt consolidation loan – a personal loan that could have a lower interest than your various debts.
   
   
3. Cut back spending while supplementing your income. It may seem like a no-brainer, but being strategic about increasing your income and cutting spending is a great way to funnel more and more money into paying your debts.  
   
   If you need some side-hustle inspiration, check out these fun, creative ways to boost your income!
   
   
4. Try not to splurge - use unexpected cash influxes for loan payments. Most of us want to use work bonuses, big birthday checks, or inheritances to treat ourselves. But paying off debt requires sacrifice. Next time you get a big chunk of change, put that towards a loan payment!
   
   
5. Find the debt repayment strategy that works for you. There are many different methods of repaying debt. Try them out, and pick the one that works for you! Here are a couple to get you started:  
   
   a. The Snowball Method. In this method, you pay the minimum payment on all of your loans except for the smallest, which you pay off as quickly and aggressively as you can. By “snowballing” your money to the smallest debt, you can eliminate them quicker and move on to the next smallest.
   
   b. The Avalanche Method. The debt avalanche helps you save money on interest by making minimum payments on all of your debts, and use whatever extra you have left to pay down your highest-interest debt first. From there you’ll move on to the next-highest, and so on.