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Shrink Your Debt: We Can Help You Make a Plan

Posted by MoneyWisdom Newsletter on Oct 5, 2016 7:38:00 AM

Planning to shrink debt

There is no magic wand to poof away debt. However, by managing your credit card balances thoughtfully, you can shrink them faster and reduce what you pay in finance charges.

First, you’ll need some details about your finances.

  1. How much unsecured debt do you have? Include credit card balances, medical debt and personal loans. Can you see yourself paying it off in 5 years?
  2. What is your interest rate? You could save by consolidating debt to one card with a consistent low rate. Plus, making just one payment guards against missing a due date and getting dinged with a late fee. Consult one of our member service representatives for a free credit score review first to learn how this could affect your score.
  3. How did you accumulate the debt? If overspending is an issue, address this first. Otherwise, you’re just shifting debt around and you could end up owing even more. Once you’ve established that your debt is manageable and you’re committed to paying it off, contact us to help you plan. You’ll learn the best moves to reduce your debt and boost your credit score.

Next, work your plan until your debt is gone. Finally, stay committed to debt-free living by establishing an emergency savings account and planning ahead for known expenses.

See how consolidating debt  can help you reduce costs

Topics: Personal Finance

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