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Articles of Interest.

Managing Debt, Big and Small3/21/2018

One almost inescapable fact in our lives is that, at some point, we are probably going to accrue debt. Whether it be from credit cards, buying a home or vehicle, student loans or personal debt, we almost all experience some form of debt. Debt comes in all shapes and sizes, but one thing almost always remains true: as soon as you get into it you want to get out of it. Sandia Area has helped thousands of people manage and reduce their debt since 1956; so here are some tips to help you do the same.

Start simple

Simplify your spending. Think about the little things you can do to cut costs and increase savings and debt repayments. Something as menial as buying less expensive dish soap or cooking your own meals a couple more times a week can help you spend a little less. Better yet, look around your home and see if there is anything you have been meaning to get rid of and sell. Declutter your life, put some money back in your pocket and apply a few more dollars toward your loans.

How much does your debt cost?

In other words, how much interest do you have to pay on your debt? You have some control over how much you have to spend to pay off your debt. Refinance any high rate loans at a financial institution you trust, like Sandia Area. The higher your interest rates are, the more you will pay over the life of your loan. If you are able to refinance your higher rate loans, make sure the money that you save from refinancing goes towards paying more of your debt. Look at transferring your credit card balance and take advantage of low APR cards like Sandia Area Mastercards. Take control and refinance at a rate that benefits your wallet.

Pay as much as you can each month

Budget so that you can afford more than the minimum each payment, especially with credit cards. It will help you get rid of those payments as fast as possible. Paying on-time will help ensure that you do not incur any additional fees that you will have to pay, on top of your principal and interest. As with all things financial, be sure to track your credit. Ensure that there are no other debts you are unaware of hitting your credit score.

Whether you’re a member of Sandia Area or not, if you have any questions on how to more quickly get out of debt, stop by one of our neighborhood branch locations and speak with one of our Member Services Officers. We’re more than happy to help you find the best steps to ridding yourself of debt.

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