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My Money Monday, March 5 - How to pay off debt

Here are some tips that could help you.

Posted: Jun. 20, 2018 2:03 PM

Link: https://www.firstalliancecu.com/blog/eight-ways-to-payoff-debt

Q: It’s common for people to want to pay off debt, what are some ways to get started?

A: One of the best ways to begin to pay off debt is to pay more than minimum payment each month. Your credit card statements will provide examples of how long it will take to pay off debt if you make just the minimum payment or if you pay more than the minimum.

Q: That makes sense. What are some other tips?

A: Pay off your most expensive debts first. Get all of your statements together and put your debts in order by interest rate. Begin by making extra payments on the debt with the highest interest rate. Once that loan is paid off, move on to the next and the next. This strategy will help you get out of debt quicker.

Q: What happens if you have tired all these things and still can’t seem to get your debt paid down?

A: If you are struggling to pay down your debts, it might be time to consider debt consolidation. This essentially takes all your debts and turns them into a single loan for you to make payments on. It also will usually lower your payment and interest rate.

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