Debt Advice

“How do I get out of debt?” Good question.

Let’s explore, shall we?

What’s Good Debt Advice?

Many people are interested in learning how to eliminate debt. Who can blame them? According to recent statistics, a majority of Americans carry some type of debt, with mortgages, student loans and credit cards being the major culprits.¹ Getting the right debt advice for your situation can be tricky, so we’ve outlined some tried-and-true methods to get those debts repaid!

Let’s work towards financial freedom. Start with these smart steps:

Debt Advice - Stop credit card spending

Stop credit card spending

Don’t add to your debt! This is why having a budget and an emergency fund are so important. A good rule of thumb is to keep all debt-related payments under 40% (and work toward under 20%) of your pre-tax income.

Pro tip: Make sure you have at least $1,000 in an emergency savings account to help you stay away from credit cards when unexpected expenses pop up.  

Consolidate or lower the interest rate

Consolidate loans or lower the interest rate

Pay down debt faster! If there’s any potential to consolidate debt or lower the average interest rate of your credit cards or loans, go for it. Many people with student loan debt look to consolidate their loans for a more manageable payment.

Pro tip: If student loans are eating up your monthly budget, explore refinancing options to lower your rate.

Prioritize the pay off

Prioritize the pay off

What’s good debt advice? Pay off debt with the highest interest rates first. If things feel overwhelming, look into the debt snowball method to help you gain momentum.

Pro tip: Some people find debt counseling helpful. If you’re having trouble finding extra money to pay off debt, we can help you come up with a spending plan.

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Questions? Contact a financial professional.

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