Is managing debt on your list of New Year’s Resolutions? If so, you are in good company. According to Time Magazine, reducing debt is one of the top ten resolutions made every year. Why is it such a popular goal? Probably, because dealing with debt can feel frustrating and overwhelming, which may make it harder to successfully eliminate or make progress on the bills.
So, how do you productively manage and eliminate your debt? There are several options and they all involve some of the same, initial steps.
Know what you have and where it goes (budget)
For many people the word budget makes them cringe. However, it is the biggest, most important aspect in debt repayment. Compare your expenses to your income and determine how much money you have available to pay towards your debts each month. Be sure to include money for building an emergency fund. Then make a commitment to keep your budgeted debt repayments the same each month.
Choose a debt repayment method that works
Personal repayment plan
Debt Management Plan
Deciding the best method for repaying your debts can be stressful and make it hard to follow through with your plan for paying off debt. We offer free tools at our online Resource Center, to help you find and make the right decision. You can also contact one of our certified credit counselors for free. Counselors can answer your personal questions about debt and help you create a plan to eliminate it. Call today –1-888-864-8659.