Getting out of debt can be a struggle- like you’re trying to dig yourself out of a hole with a toothpick. But one of the keys to successfully getting out of debt is to use your resources to their full potential. Sometimes using more than one at a time!
Establish a budget. What exactly can you afford? Get a clear picture of your monthly income and expenses. No matter how often you get a paycheck (weekly, bi-weekly, monthly, etc.), it can be hard enough to pay your regular expenses, let alone pay down debt. Variable income can make that even more difficult. So create a spreadsheet of money coming in and where it goes out, to keep from overspending.
Find easier ways to make bill payments. You may find it helpful to schedule your monthly payments to be made after the deposit of your first paycheck of the month. Contact your lenders, utility providers, credit card issuers, landlord, etc. to change your monthly billing cycle to line up with your first monthly paycheck. Setting up automatic payments or online bill pay through online banking is also an easy way to stay on-top of bill payments. If you don’t think you’ll be able to make a scheduled payment on time, as your creditors about an extended payment plan – though be careful, you may pay more in interest.
Save money on interest and fees. Stop paying so much on high interest rates. Pay off debts with the highest interest rate first, or consolidate higher rate balances or loans (by taking advantage of our balance transfer offer, for example – good through April 15, 2018!) And make sure to pay bills on time to avoid racking up late fees.
Get help. Still not sure what steps to take to dig yourself out of debt? That’s what we’re here for. Give us a call or visit any of our branch locations to speak with a Member Services Officer, and let us help you find the right path to ridding yourself of debt. We can review and guide you through your full credit report as well as review and compare your loans to ensure you’re getting the best rates available to you.1
For more tips and tricks on managing debt, visit http://bit.ly/2DZR8q8.
1. All loans subject to credit approval.
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