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If possible, the balances on high interest rate accounts should be transferred to credit lines with much better terms. A few credit card providers give new customers an introductory rate on balance transfers with extremely low or even zero percent APR. By transferring balances, a greater percentage of the payment made by the borrower is going to be applied to paying off the principal due. Borrowers who receive an income tax refund in April may wish to use that money to pay off debt. In the future, they may wish to consider adjusting their withholdings so that they are not paying in more than they need to. The money the government accumulates in excess of what is owed for income taxes earns no interest throughout the year even though money borrowed on credit cards or by means of various other lines of credit is often repaid at significant interest rates. Borrowers might find they have much more funds to pay back their debts and less need to borrow by adjusting their withholdings a bit. Numerous individuals have savings accounts, a 401k or some other types of funds that they can draw upon to repay their loans. Though some people are reticent to touch their savings, there is some logic to cashing in savings accounts having small rates of return in order to pay off debt accruing high rates of interest. In a lot of cases, the rate of interest being accrued on loans far out paces the speed by which the savings account grows even when taking into account new deposits being added to the savings account. Borrowers that are having trouble paying back their debt really should be honest with their lenders about their difficulties. Some lenders may have compassionate policies that allow representatives to decrease rates of interest, refund late payment charges and other penalties or offer the troubled borrower a settlement on the account. 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