Before we discuss debt payoff, let’s take a moment of silence to reflect on our debt. Take a deep breath and let it sink in. Think about how all this debt added up. It could have been credit cards, student loans, or even a car loan for that car you always wanted.
Now after reflecting, you can move past why and how the debt accumulated, and focus on paying off the debt. There are a few things you should know about paying off debt:
Debt payoff works by making minimum payments on all debts and using Wize Money towards the focus debt. Make sure the minimum payments always cover the interest to avoid increasing your balances. As each debt is paid off, you create more Wize Money.
When picking a debt payoff plan you must decide what your payoff date or budget will be. You must also decide whether you want to be efficiency or emotional driven. Efficiency will pay the least interest and shortest term. Emotional will pay the smallest balances first to feel achievement and stay motivated. Lastly, you have to decide if you will use bonus money towards the debt payoff plan.
There are many methods so do some research and choose what works best for you to conquer your debt.
Be WIZE with MONEY