Long-term debt piles up in most households, and it can have a disastrous effect on your overall finances unless you do something to change. The average American household that has a credit card has some serious credit card debt to the tune of $15,500. That does not include student loan debt and other loans. It is important to take care of this debt before it becomes something that one cannot escape.  Here are some tips for dealing with long-term debt.

• Additional income. Pick up a part-time job or start working overtime at your current job if available. Use the extra cash to pay down the balances of your various debts. You can always use an accelerated payment schedule, which will help you repay the loan quicker.
• Pay off high interest cards first. If you have multiple credit cards, find the ones that have the highest interest rates and pay those off first. When you have extra funds to put toward paying off a credit card, put the money toward the card with the highest interest rate. If you don’t, you will end up paying more in interest and fees by not doing so.
• Consolidate debt. Consider taking out a car title loan and consolidating a bunch of bad debt. Embassy Loans of Florida is a leading consumer finance company that has helped thousands of customers obtain title loans. Borrowers find a car title loan does not take as much time to process as conventional loans. Most car title loans are finished in an hour, and borrowers are not subjected to credit checks.
• Refinance your home. If you are a homeowner, you can attempt to refinance your home. By refinancing, you may be able to save on your overall monthly payments and, at the same time, pay off your debt quicker. If your house payment is $1,000 and your debt payments add up to another $1,500, a refinance may leave you with one payment of $1,750. This payment is, of course, lower than the $2,500 you were paying before. Refinancing you home is an easy way to pay off debt.
• Borrow from a 401k plan. This is not the ideal solution, but borrowing from your retirement fund can help you become debt-free before you do retire. Borrow enough to pay off all of your long-term debt. This will erase your debt problem. You will need to work to repay the 401k plan, but at least you will be debt-free.