5 STEPS TO GET OUT OF DEBT FASTER.
If you’re one of the millions of Americans who added “pay down debt” to their New Year’s resolutions, now is the perfect time to check in and make sure you have a feasible plan. Need some inspiration? These simple steps can help you get out of debt as quickly as possible.
1. List your debts and interest rates. It’s time to be honest with yourself. Write down all your loan balances and their interest rates, which should be listed on each statement, in order of highest to lowest rate.
2. Focus on the highest rate debt. The highest rate is costing you the most, so make additional payments whenever possible to pay it off quicker. Continue making minimum payments on your other loan balances to avoid additional fees and penalty rates.
3. Transfer your balances. Consider opening a lower rate credit card or personal loan from Tendto and using that to pay off your higher rate balances. As an added bonus, consolidating your debts into one monthly payment will not only lower your balance, but also your stress level.
4. Pay yourself first. It may seem counterintuitive to put money in savings when you’re trying to pay off debt, but having cash on hand in case of an emergency will keep you from going further into debt. Try to keep at least $1,000 in an emergency fund for unexpected expenses.
5. Spend less. Write down your budget – how much money you’re bringing in and where your money is going. Look for ways to cut down, such as eliminating cable or streaming services, buying generic groceries or skipping meals out. Put some of this savings into your emergency fund.
Need help staying on track? Stop by your nearest Tendto branch or give us a call at 800-651-6582. We’re here to help!
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