SeaComm Federal Credit Union OFFICIAL BLOG

Three Tips to Cut down Your Debt

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If your goal is to be debt-free, the first thing to do is take a look at your financial lifestyle. Continue reading to learn three smart ways you can work to get rid of debt!

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Pay as much as you can afford each month. If you want to make a dent in your debt, you’ll need to pay more than the minimum amount due each month. You can strengthen your pledge to pay everything off by making weekly, in lieu of monthly, payments. Or if your minimum payment is $150, try doubling it and paying off $300 or more – it never hurts to get ahead!

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Avoid expensive habits. Eating out at restaurants and enjoying $5 coffees can be very costly. It’s easy to turn these indulgences into habits…which will make it even more difficult to pay off your current debts. Instead, choose one night a week to eat out, and one morning a week to enjoy your artisan coffee. By setting limits, you’ll make it easier to allocate your money to more meaningful expenses – like bills.

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Focus on debts with the highest interest. While some people prefer the debt-snowball method, which recommends that you pay the debts with the lowest balances first to build momentum…it makes more sense to pay off the debts with the higher interest rates first. Meet with a SeaComm representative today to discuss debt consolidation options that will best fit your lifestyle. Visit your nearest branch location or give us a call at (800) 764-0566!

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