Are you stuck in a mountain of debt? Debt is stressful, it’s expensive and limits the amount of money you can put towards your life goals.
Start 2021 with a debt repayment plan. First step is organize your debt. For each debt, write down the balance, the interest rate and the minimum payment. Then choose a strategy to pay off your debt!
Debts are arranged and paid off from smallest balance to largest balance. This strategy is ideal for those who like visible progress. Small debt is quickly crossed off and you’ll be motivated to stick to your repayment plan.
Debts are arranged and paid off from highest interest rate to lowest rate. This strategy eliminates your most expensive debt first, making it the most mathematically powerful debt repayment option.
Combine your debt into one loan and one manageable payment. This strategy is ideal for those who are having trouble keeping track of their various debt accounts, due dates and minimum payments. You’ll have only one loan and payment to keep track of.
Make 2021 the year you tackle your debt, pick a plan and set it into motion. If you are interested in the Consolidation Method, we’d be happy to help you through the process. To make it even cooler – our loan process is 100% electronic. Submit your online application, and once approved, a quick-e-sign and you’ll be chilling!
To learn more about repayment strategies or other financial educational topics visit our It’s a Money Thing Debt Reduction Plan page.