Managing Debt
Five Steps to Paying Down Debt
- Make a List: Organize all your debts, writing down important details like the total debt, payment due dates, and interest rates.
- Look for ways to get your interest rates down. Some loans will have a fixed rate, which you can't change, but others may be negotiable! But, be careful when considering refinancing or consolidating, as they might disqualify you for other benefits that may help you.
- Put debt payments in your budget. See if you can find room in your monthly budget to pay down that debt without sacrificing your essentials!
- Prioritize debts with the highest interest rate. The debt with the highest interest rate is costing you the most, so make that one the priority while sticking to minimum payments for the rest.
- Stop the cycle! Make your budget and stick to it.
Credit Card Debt
One of the most common and difficult types of debt address is credit card debt. Check out the slides below for some tips on managing credit card debt!