Drop the Debt Burden
Mar 31, 2021
Did 2020’s Pandemic leave you worse off, or better off financially?
Did you incur more debt, or whittle it down?
Debt is one of the biggest hurdles to creating wealth.
A recent survey shows that American’s biggest financial goal is getting rid of debt.
Like anything worth doing, create a plan and think long-term.
How are you planning on tackling debt in 2021?
Here are a few ideas:
- Set an achievable goal
- Make a budget, including debt repayment
- Use an app – make it easy
- Improve your credit score
- Try avalanche method of debt repayment
- Try the snowball method of debt repayment
- Adjust savings goals
- Adjust, or establish investment contributions
- Consider balance transfers to credit cards with lower interest rates
- Negotiate credit card rates
- Check your credit report
- Talk to a debt counselor, if applicable
- Ask for debt reduction
There is "good" debt - such as mortgage debt the produces income, but most Americans carry consumer debt that not only eats into their lifestyle, but their future investment income as well.
The reality is that it doesn't matter which steps you take. Just start taking the steps to reduce your debt, especially consumer debt. The rest will take care of itself.
