Tips For Paying Off Your Debt

American Investment Planners LLC

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(516) 932-5130 / (866) 932-5130

Debt - a word many of us fear all too often. When it comes to feeling financially stable, realizing that you owe more than you have can be pretty intimidating and leave you feeling at a loss for what to do next. However, if you've ever been in this situation, know that you're not alone and rest assured that there are plenty of ways to get out of it - you just need to know what to do!

If you've come here today looking for ways to get back into shape financially, check out our tips for paying off your debt below:

1. Set a budget: First and foremost, you'll need to set a budget for yourself that leaves you with enough money to start paying back what you owe. Keep in mind, though, that you will still have other expenses to care for, so you may need to make some adjustments to your current spending habits. For example, if you tend to spend a lot on things you don't need, see where you can cut back to dedicate some of that money to the bills that are piling up.
2. Look at interest rates: If you have several loans that need to be paid back or are a holder of multiple credit cards, see which one is charging the most interest on your outstanding balances. Since interest is directly related to how much you are required to pay back over time, your best bet is to start focusing on those bills that accrue the most so that your debt doesn't continue to increase.
3. Put the cards away: While you're working on paying off your debt, it may benefit you to take credit cards out of your wallet. This way, you won't be tempted to swipe and therefore will help you avoid having a bigger balance to deal with. Of course you may want to have one for emergencies, but if you do not give yourself the opportunity to use them, then you can work on keeping your debt from rising.

For more tips on how to pay off your debt, check out this article from U.S News & World Report MONEY.

So, what strategies do you use to pay off debt or to keep your debt at a minimum? If you're struggling with financial planning and are looking for a solution to help you get back on the right path, contact American Investment Planners LLC today! We are a team of financial planning gurus and can help you develop a strategy that keeps all of your finances in check. To speak with a member of our team, please call (516) 932-5130 today.