 TITLE: How to Pay Off $25K in Debt Fast CONTENT: Reduce Your Interest Rates\n--------------------------\nReducing the amount of interest you pay on loans and credit cards each month is an important step to take when paying down a mountain of debt. You can use the money saved on interest to make larger payments, which will help you knock out the debt faster.\nThere are a few ways to reduce your interest, depending on the type of debts you have.\n*   **Credit cards**: If you're paying high interest on your credit cards, you can ask your card issuers for a rate reduction if your credit score has improved or if you're facing financial hardship.\n*   **Student loans**: You may be able to refinance both federal and private student loans to reduce your interest rate. However, if you refinance federal loans to private ones, you won't be eligible for government programs such as income-based repayment. That's why it's important to consider how much you owe and whether refinancing could help you pay off the debt faster. If you're carrying federal loans with high balances, you may want to leave them as is in case you need to utilize such relief options.\n*   **Personal loans**: Refinancing is also an option if you are paying down a high-interest personal loan. You may be able to save a considerable amount of money in interest and pay off your debt faster this way, which can ultimately help build your credit and improve your financial situation.\n*   **Auto loan**: If your credit has improved since you first took out your car loan, you may want to refinance, especially if interest rates have dropped as well. Keep in mind, though, that refinancing to a new loan can extend your repayment period, which means you'll be in debt longer. If you're keen on paying off your debts quickly, make sure to ask your lender whether they charge a prepayment penalty for eliminating the balance before the end of the loan term.\nYou might also consider taking out a debt consolidation loan. With this option, you can use a personal loan to pay off your other debts, streamlining all your accounts into a single monthly payment. A debt consolidation loan will likely work best if you have good credit so that you can qualify for a low interest rate. Your goal is to reduce the amount of interest you're paying, so you want to make sure you'll be saving money before you apply for a personal loan. END