NewYearResolution - Paying off debt

Budget

Debt can be drag, it causes stress, costs money, and hurts your credit score. First step, See how much you can afford to throw at your debt. List all your expenses(mortgage, car payments, groceries, etc..) and find expenses that you can cut down on(for example,  switching from cable to netlfix.) The more you can contribute to your debt, the faster you can pay off debt.

Create a list

Now create a list of all your debts and list how much you owe on each loan/line of credit and what each monthly payment is. This includes car payments, credit card payments, student loans, personal loans, etc.

 

Refinance?

Once you know how much you can afford to start throwing at your debt and you have a list of your debts. See what refinancing options you have. United Teletech’s loan officers can help give you options. Opening a personal loan to pay off credit card debt is one of the more popular ways to reduce monthly payments, but certainly not the only one.

Snowball

Pick the smallest loan your have and throw all that extra money that you budgeted towards that one loan. Once that loan is paid off, take the extra money that is freed up at the next loan. As you pay off your loans more and more money will become available and your debt will start being paid down faster and faster. Like a small snowball rolling down the hill picking up speed as it gains size and momentum, your debt will disappear before you know it.