Strategies to Finally Get Control of Debt
Instead of getting overwhelmed by debt, use these helpful tips to reduce and ultimately eliminate it!
Asses Your Financial Situation. Write a list of your debts and the interest rates, balances and minimum payments. Make a person budget to review your income, spending, and what's left over to pay down debt. This will help you decide what to prioritize and paying down first. This is also the time to get your credit reports and double-check your outstanding debts.
Lower Your Rates. Check with lenders to see if you can lower your interest rates by refinancing, consolidating or negotiating. You can possibly get better interest rates for your credit cards, student loans and car loans.
Create A Strategy and Execute. Determine what debt you want to tackle first, and how much you can pay each month to drive that debt down. Be disciplined and consistent in making those payments!
Track and Monitor. Make sure your hard work is paying off by monitoring your credit scores and watching it improve. Use that as motivation to stick with your strategy and drive down that debt.
Reducing your debt is possible with planning and commitment. Before you know it, you’ll be well on your way to building savings, credit and healthier finances.