Paying Off Your Debt

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We’re 4 months in, and you’ve been making steady progress on setting financial goals, slowly growing your savings, and managing your home’s needs.

 

Now you’re ready to tackle credit card debt and to be certain this debt won’t threaten long-term goals or credit score.

 

Here are a few tips to help manage your credit card debt.

 

Set up automatic payments on your credit card. Just like you enrolled in ACH for your mortgage, setting up automatic minimum payments on your credit card can ensure that even if you do not pay off the whole debt, at least you are not losing points for missing a payment.

 

Pay off new charges in full each month so that your debt levels don’t grow.

 

Get off the hamster wheel and make a plan to eliminate your credit card debt. Identify one debt – either the lowest balance or the highest interest rate – and make payments greater than the minimum amount due. Once you get that debt paid off, apply those payments to the next debt and slowly, but surely crush your debts!

 

Use one-time funds like a tax refund, gift or a bonus from work to make rapid progress in paying off a debt.

 

Being debt-free improves your credit score, opens up more opportunities to pursue your dreams and reduces financial stress. 

 

Visit our Referrals and Resources section for additional tips and to receive a free counseling session. This is a great time to review your credit report. On yearly basis you can receive a free copy of your credit report by visiting www.annualcreditreport.com

 

Let’s not stop the momentum now! Full steam ahead as you confirm your credit score goals and secure your financial future! It’s a known fact that goals become habits with daily steps towards them. Make sure you’ve written your goals down and put them somewhere you can easily see them. It’s also good to share these with your support network. 

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Feel free to reach out anytime to discuss your unique situation at 888.940.9723.