When people start to have financial trouble, the first instinct is to panic and the second is to “band-aid” everything. Most people will try to halfway fix many things when in reality you should try to fix one financial issue at a time. Stay away from taking out payday loans, not paying off your credit cards when high interest kicks in and try not to borrow from your 401k when there is a penalty. Here are a few tips to start paying of your debt faster!
- Prioritize paying off credit card debt by concentrating on interest rate or make minimum required payment on all accounts. Depending on your amounts and how high your interest rate is can alter your decision. Do the math to see how much will be paid on each card with the interest.
- Treat your debt like a diet, concentrate on the area that bothers you the most! If you make a list of money earned and money spent each month you will be able to see where you cut back and put that money towards a payment.
- Try not to miss payments. Messing with your credit by missing payments can haunt you for a long time after and it makes it even harder to catch up and pay it all off. Banks would rather get a lower percentage interest rate from you than for you to default and not pay at all.
Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., #125 Henderson, NV 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.