Preparing a Plan for Tackling Debt

Tackling debt can be a lofty job, but you don’t need to do it alone. Our team at Northeast Credit Union understands that you have financial goals, and we want to help you get there.

Here are four steps that can help you tackle debt head on:

#1: Put it all out on the table.

Taking a close look at your balances, interest rates, and required minimum payments to see what you are working with can often give you the chance you need for a fresh perspective on creating a positive financial plan. If you’d find it helpful to sit with an expert at no cost to you, schedule an appointment with our Debt Consolidation team! It’s what they’re here for.

#2: Create a payment strategy.

There are two philosophies on this one. Some experts say you should pay off smaller balances first, to get a sense of accomplishment. This can help keep you motivated. Others recommend paying off the debt with the highest interest rate first. This will result in the greatest savings. Choose the approach that works best for you.

#3: Transform your lifestyle.

To stop accumulating new debt, means you need to live within your means. If you want to be debt-free, you’ll need to figure out how to spend less and/or make more. It’s that simple. There are many online money management tools that can easily help you stay on track, like our Financial Tools in Digital Banking.

#4: Stick with it.

Paying off debt takes commitment, planning and patience. It is a long-term goal and setting smaller objectives along the way will help you see progress and feel more accomplished. Most importantly, don’t give up!

You can do this. You can do anything…You’re on your way to becoming debt-free.

Debt-free is a beautiful feeling and you can get there from here, with a little help from our Debt Consolidation Specialists. Make an appointment and let’s get you on the path to becoming debt-free.