 TITLE: How to Build Wealth CONTENT: Pay Down Any Existing Debt Quickly\n----------------------------------\nIf you're saving and investing, compound interest can help your money grow exponentially. But when you owe others money, the math works against you—the longer you take to pay off debt, the more interest you'll wind up paying overall.\nWith this in mind, consider some of the tactics you could use to more quickly get out of debt:\n*   Try the avalanche or snowball debt repayment strategies to either pay as little interest as possible or stay motivated while paying off debts.\n*   Consider a balance transfer credit card that allows you to transfer other debts and pay off the balance during the promotional period (often 12 to 21 months) without paying any interest.\n*   A debt consolidation loan could also help lower your costs as you combine high interest debts into the new, lower rate loan.\n*   Look for ways to increase your income, and put the extra money toward your highest-rate debt.\nEven with the best tactics in play, paying off all your debts can take time. Patience and perseverance are often the keys to success. END