Debt Payoff

Debt payoff refers to the process of paying off outstanding debts to become debt-free. This can involve making regular payments to lenders or creditors, negotiating with creditors to reduce interest rates or payment amounts, or using debt consolidation strategies to combine multiple debts into a single payment.

The goal of debt payoff is to reduce financial stress, improve credit scores, and free up funds for other financial goals such as saving for retirement or making large purchases.