4 Tips to Help Slim Down Your Debt
1) Set a budget and stick to it.
Setup a budget to help you cut unnecessary expenses and allocate additional funds to go towards paying off your debt. Once you've budgeted for necessary expenses, like food and housing, you can determine how much you have available to pay towards your debt. Give yourself an allowance each week in cash and stop spending when it's gone. 2) Prioritize your payments.
Make sure you're making your regular payments on all loans and credit cards and try paying more than the minimum on one account, often the one with the highest interest or the lowest balance. Once that debt is paid off, put the amount of the monthly payment towards the next account. You'll create a snowball effect and pay off your debt faster than if you just stick with the minimum payments. 3) Consolidate your debt.
Combine all or most of your debt into one low rate loan or credit card to help lower your overall monthly payment and reduce the amount of interest you'll pay. 4) Get free help from a personal financial educator.
Not sure where to begin? We can help. Advantis has partnered with Ryan and George Beardmore, professional financial educators, to provide Advantis members with free, one-on-one assistance with budgeting, debt management, and rebuilding credit.
Learn more and schedule a free appointment: