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Proven Tactics to Overcome Big Debts


Chances are you have debt -- and lots of it. The average amount owed per consumer is $17,205, according to the Federal Reserve Bank of Kansas City’s most recent consumer credit report. That doesn’t even include real-estate loans -- just credit-card balances, auto loans, student loans and other personal loans.

What’s your strategy for paying it down? Sometimes in the fight against debt, the money’s actually there: It’s simply a matter of crafting a budget, reining in your spending and funneling more of your income to pay down the debts. Other people need to get creative -- and work even harder -- to bring in extra money to tackle their debt.

Read on for inspiration from seven people who paid off as much as $80,000 in consumer debt in three years or less. Hopefully, some or all of their approaches will help you pay down what you owe.

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