There are many ways to get you on the path of eliminating debt and getting your debt under control. Managing your debt can transform your finances. Less debt means greater financial strength; this will allow you to start saving toward financial goals or an emergency fund.
It’s critical o create a budget. A budget is a plan you write down to decide how you spend your money each month.
Creating a budget will help you ensure you will have enough money every month. Without a budget, you could run out of money before your next paycheck. A budget will show you how much money you make and how you spend your money. A budget will also show you what you spend your money on, which is more important than how much you make.
Is debt management one of your problem areas? Well, you are not alone. On average, U.S. households carry a revolving credit balance of $8,333. Even worse is that they carry these balances from month to the next month, causing it to harder to ever get a handle on their debt. We can help you eliminate credit card debt and high-interest rates.
The great news is there is a way to clear up your financial blemishes that debt creates. We will help you have a better financial outlook.
Let us help you get a handle on your credit debt and get your financial confidence back.
Helpful Tip #1 for Debt Management
Can you give up one small luxury per month?
Adding $10 Pays Off
Suppose you owe $1,600 on a credit card with an interest rate of 18%. When you make the minimum payment of $37 per month, you could pay off that debt in 63 months. If you pay $47, you could pay off that same debt in 44 months and save $279 in interest. Imagine if you added an extra $50 per month?
How easy is it to save $50? If you eliminated 9 luxury $6 coffees per month, that equals $54. That’s how easy it is to save $50. This small sacrifice will make a big difference in the long run.
Source: Credit Card Debt Calculator, Bankrate.com
Save Extra Money. Saving money is one of the key ways to start building wealth. A great way to start saving is to pick something worthwhile to save for, such as homeownership or becoming an entrepreneur by starting your dream business. Budgeting can seem challenging and complicated; in fact, this is not the case; the opposite is true. We are here to show you how easy it can be.
The Financial Act
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