
Are you buried under a pile of debt and convinced you will never dig out? All it takes is time, budgeting and organization to get you there. Here are five steps to help you out!

Step 1: Choose your debt-crushing method. There are two approaches toward getting rid of debt:
- The snowball method,popularized by financial guru Dave Ramsey, involves paying off your debt with the smallest balance first and then moving to the next-smallest, until all debts have been paid off.
- The avalanche methodinvolves getting rid of the debt that has the highest interest rate first and then moving on to the debt with the second-highest rate until all debts have been paid off.

Step 2: Maximize your payments. Whether you are carrying credit card debt or student loans, one of the best ways to pay them down sooner is to make more than the minimum monthly payment. Free up some cash each month by trimming your spending, restructuring your budget, or taking on a part-time job.

Step 3: Consider a debt consolidation loan. If you are trying to pay off several high-interest debts and you find it difficult to manage them all, you may want to consider consolidating your debts into one loan. A personal loan from SeaComm can provide you with the funds you need to pay off your credit card bills and leave you with a single payment to make each month.
With SeaComm’s loan pre-approval program, LoanEngine™, you might already be pre-approved for a consolidation loan! If you qualify for a pre-approved offer, you will be presented with it through our SeaComm Mobile app or NetTeller™ in the “My Offers” tab, via email, and/or a letter through the mail. Click here to login to your NetTeller™ to view your current offers. If you don’t have any offers at this time, be sure to check back every 60 days.

Step 4: Build an emergency fund. As you work toward pulling yourself out of debt, it’s important to take preventative measures to ensure it won’t happen again. One of the best ways you can do this is by building an emergency fund. Ideally, this should hold enough funds to cover your living expenses for three to six months. Start small by putting away whatever you can in a special savings account each month.

Step 5: Reframe your money mindset. As you work on paying off your debts, take some time to determine what got you into this mess in the first place. Are you consistently spending above your means? Is there a way you can significantly cut down on expenses? Lifestyle changes won’t be easy, but living debt-free makes it all worthwhile.
SeaComm’s partnership with GreenPath Financial Wellness can help you reach a brighter financial future. GreenPath provides SeaComm members with access to free one-on-one financial counseling, student loan counseling, debt management services and more. To learn more about how SeaComm’s partnership with GreenPath can help you, click here or call (800) 550-1961.