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Paying Debts Early? Pick the Right Ones!

paying some debts early
  • Jan 24 2018

Have you made a promise to yourself to pay off some or all your debts this year? Along with losing weight and breaking all sorts of bad habits, whipping the finances into order is one of the most common New Year’s resolutions. But if you don’t have a solid and realistic plan in place for spinning down debt, you may see another resolution going by the wayside quickly. The repercussions may not be pretty either, as delinquencies can result in collections lawsuits or even default judgments which may require the help of a skilled law firm like Fitzgerald & Campbell, APLC to resolve.

Calculate How Much Disposable Cash You Have

If you are ready to take the plunge in paring down your debt, begin by taking a good look at your income, tallying up everything coming in each month—and then figuring out how much is going out. A portion of the disposable cash left at the end of each month is what you must work with. For most of us, it helps to start small. And while there are many different strategies out there for eliminating debt, take time to research what will work best for you, whether you want to designate separate funds for numerous debts each month or tackle one first until it is completely paid off, and keep moving from there.

Consider How Much Interest You Are Paying

Interest rates should be your starting point in deciding which debts need attention first; for instance, that student loan may feel like a terrible burden that is going to stretch out forever, but it may also be relatively low interest. What about those credit cards with significantly higher interest rates? In tackling those first, you are making the smartest economical plan, and saving yourself what could be substantial sums in the long run. If you need a confidence boost to begin with and have one debt that is smaller than the rest, it may give you motivation to wipe that one out first and then keep going.

Strategize & Track Your Progress

With a firm understanding of your financial situation, make goals for what you will pay each month and when you want to see a credit-card debt or loan paid off. Tracking can often be a great way to stay motivated too, and there are numerous mobile apps that will help you set goals and then watch your progress. While you are working on paying off debts, you can get much better at establishing a monthly budget and sticking to it—leaving next year free for a new and different resolution to tackle!

Contact Us for Help with Debt Issues

Are you concerned about debt, hoping to explore ways to set your finances straight once and for all? If you are finding it difficult to pay your bills and need an experienced debtor rights attorney, contact us at Fitzgerald & Campbell, APLC. We can review your current situation and discuss your options with you, whether that means a negotiated debt settlement, defending a collections lawsuit, reversing a judgment, or more.

Call us today for a free consultation at (855) 709-5788, or email us at info@debtorprotectors.com.

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Posted in: Credit Card Debt, Debt Questions