How to Start Reducing Your Debt

There are several ways to approach paying down debt but, no matter which you choose, taking the first steps today will help set you up for greater success in the future. If you aren’t sure which path is best for you, you can contact a Member Advisor or meet with our Personal Financial Educators for guidance on your journey to being debt free.

Make a plan

One method is to pay debt down based on the loan(s) that have the highest interest rates. Rank all your debt based on interest rate, and work from highest to lowest (making at least the minimum payment on all your other debts.)

Another method is to focus on the loan with the lowest balance. Paying it off first will help you build momentum for paying off larger debts (while still making at least the minimum payment on all the other debt.)

You could also pay extra on every loan you have (as much as your budget will allow). Just make sure you don’t miss any payments on your other debt.

Try one of our free financial calculators

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How To Stop Buying Them

Work with our personal financial educators

We’ve partnered with Ryan Beardmore, professional financial educators, to provide Advantis members with free, one-on-one guidance for budgeting, debt management, and rebuilding credit.

About the Author: Manuel Solis

Passionate designer and programmer, gadget lover and gamer's heart. Specialized in web development, custom software and graphic design. Professional and highly qualified independent freelancer.
By Published On: May 6, 2022Categories: Blog, Business

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