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4994 Lower Roswell Road NE, Suite 4, Marietta, GA 30068
Phone: 770-971-9141
Email: ifp@incompassfp.com
May/June 2022
Pay Off, Not Down
U.S. consumer debt — including money owed on credit cards, student and auto loans — reached $4.37 trillion in September 2021, according to the Federal Reserve. If you’re carrying balances on high-interest credit cards, paying them off should be a priority. Having a pay-off strategy can help you stay on track toward becoming debt free.
Create a Payment Strategy
Pay off the card with the highest interest rate or the largest balance. Pay as much as you can toward one card, while paying the minimum on your other cards. When the first card is paid off, put the same amount toward the card with the next highest rate or biggest balance.
Another strategy is to pay off cards with low balances first. Eliminating several small balances may give you a psychological boost and help you continue the momentum with your higher balance cards.
Consolidate Debt
A debt consolidation loan allows you to pay off your cards and have a single monthly payment, often at a lower interest rate.Seek Credit Counselling
Your financial professional is able to help guide your through this process. Also, nonprofit credit counseling agencies can help you eliminate debt and teach you good financial skills.CONTACT US
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