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Debt reduction strategies
How much is your debt costing You?
Add up your debts:
As hard as it is to face sometimes the first thing you need to look at is how much debt you actually have. Unless you have an idea about the size of your debt, it’s difficult to work out an appropriate plan of attack.
How to pay off your debts faster:
Once you have an idea about your overall financial position, you can start looking at options for making extra repayments and clearing some of your debts.
Depending on how much and what type of debt you have, there could be a couple of options open to you.
You could start by:
- paying off the debt with the highest interest rate first; or
- paying off the smallest debt first (so you feel a sense of achievement).
Some other useful tips you can look at:
- Re-think saving. You need it to balance your budget.
- Get back to the basics of budgeting. You can’t avoid debt without it.
- Bad debt isn’t normal. Learn to use cash rather than relying on credit.
- Spending is based on habits, and bad habits are worth breaking.
Being able to control debt is difficult. If your debt is out of control, then you need help. Come and see us here at Goal Financial Services and we can take a look at ways to help improve your individual situation.