Paying down debt quickly involves taking an honest look at your financial situation first, before doing anything. We have a Debt Worksheet available on our website that can be downloaded and used to log creditors, interest, minimum monthly payment, monthly due date, targeted payoff date, and actual payoff date.
Once you’re fully aware of the work that is to be done, download our Budget Worksheet. Filling this out will allow you to see exactly where your money goes each month, down to parking tolls and prescriptions. Once you visualize exactly how much debt you have and what interest rates you’re dealing with, vs your income after taxes and current monthly spending, you’ll be better equipped to design a strategy to reduce unnecessary spending to pay down debt more quickly.
- Talk to your banker about a low interest loan to pay off high-interest credit cards.
- Look into a credit card balance transfer to a zero-interest card.
- Pay with cash to avoid charging on credit cards.
Knowledge is power. Without the awareness of amounts owed, interest rates on credit cards, and monthly income vs monthly spending habits, the balances on high-interest debt will go nowhere fast.
Call us toll free at 800-689-3935 to speak with one of our Financial Advisors.