Credit card debt elimination is not an easy thing to do. One of the greatest motivators for making it through that long workweek is having goals but it can be hard to juggle both paying off debts and saving. Perhaps you want to save for a real vacation or a newer car. You may hope to put more money into your retirement fund, or still need to create an emergency fund for unforeseen circumstances, as well as having a sufficient amount of liquid capital for peace of mind. No matter the reason—or the motivator—saving can be difficult and time-consuming. It requires dedication and discipline.
Examine Your Debts & Get Organized
While working to save you will probably also feel the constant pull of debts that must be paid, to include the typical payments like mortgage and auto, as well as a smattering of other unsecured but burdensome debts like credit cards. Prioritizing and organizing the best budget for your wants and needs can be extremely challenging. It is extremely important to look at your best options, however, so that your money is working most efficiently for you. This requires doing some simple math regarding the amount of funds going in and out—and having patience regarding your financial objectives.
Eliminating High-Interest Debt is the Priority
Interest is usually the focal point. If you have the income to put toward paying down debts each month—and especially those with higher interest rates—you are not doing yourself any favors by taking a different route. While dropping money into your savings account may seem more fulfilling and attractive overall, the reality is that those high-interest debts must be taken care of first. If you have private student loans, those should be dealt with also before plumping up the savings account. You may be okay waiting on those debts that have low-interest rates like the mortgage or a federal student loan debt. If your credit score is still high enough, also consider transferring balances to those with zero or very low interest.
Remember Your Strategy Daily & Practice Discipline
If your employer will match contributions for your 401K, take full advantage as that is a strong investment in your future, as well as free money! You may find that writing down your goals and keeping them handy is a good way to stay motivated—and disciplined. Often it does require daily reminding to stay on track financially—especially when you have extra cash that you might like to spend on fun rather than putting it toward your debts. Any extra money you come into should be funneled toward your pay-off strategy, along with raises and any other additions to your monthly income. That might not be as enjoyable an exercise financially, but it will give you much greater peace of mind in the end.
Explore Other Options
Wiping out those debts and doing so as efficiently as possible is imperative. Consult with an experienced debt settlement law firm like Fitzgerald & Campbell, APLC. Attorneys will be able to negotiate with your creditors and any harassing debt collectors, making them prove what you owe, and then usually settling debts for much less than was originally owed. A strong debt settlement program can be key to fulfilling your mission for a successful financial future.
Call Us for Help Now!
If you currently have credit card debt that is of concern or if your finances need an overhaul, an experienced attorney from Fitzgerald & Campbell, APLC can review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include debt settlement plans, bankruptcy, and more. Let us review your case and discuss what would work best for you. We are here to help!