DIY Debt Relief Tips

DIY Debt Relief

Online tools and resources exist that can help you calculate how much you’d need to pay each month to save on interest and pay off the debt by a certain date. If you have the discipline and motivation to learn and put time and effort into this, you may be able to succeed using this strategy. You could regain control over your finances over a period of time and save on upfront costs and likely protect your credit score. 


  • Optimized payments

  • Zero added cost

  • Neutral credit impact


  • Stringent budgeting

  • You pay the same interest

  • Principal owed does not change

DIY Debt Relief Tips

You can begin reducing your credit card balances in multiple ways on your own. There are a few tips that may help you reach your debt relief goals faster.

Destroy or hide your credit cards. Preventing your own access to your credit cards will help to reduce or eliminate purchases when you cannot afford to pay in cash. Paying down your monthly balances will be faster as you lift yourself from a financial hole.

Next, you should focus on paying off your highest interest debts first and proceed to pay off each debt in this manner, from highest to lowest interest rate. This method creates momentum as each debt is repaid and is known as the Snowball Effect. Eventually you will be growing your savings as each card is paid off.

Regarding payments, you can actually save money by making multiple payments per month. Your APR is associated with a Daily Rate your balance is figured on. When you send in more than one payment a month, you reduce the balance subjected to the Daily Rate. You then save on daily interest and your balances should be reduced at a faster rate.

Along with these methods, you should exercise good budgeting practices. Saving money and paying down your debts can be a great investment in yourself if you have the discipline to move forward with your debt relief goals.

DIY debt relief may not be your best course of action if your goal is to save on principal and interest on your owed balances. Credit card debt settlement may be the option that best meets your particular long-term needs.  Contact one of our debt settlement consultants and discover if this form of debt relief is the right choice for you.