Sharon Credit Union Go to main content

Perspectives, Financial and Otherwise,
from Sharon Credit Union

SHARE THIS:
Facebook Twitter Google+ Print Email

3 Tips For Managing Your Debt

Authored By: knocon on 1/18/2017

3 Tips for Managing Your Debt

No matter how much money you throw at your debt, does it seem like it never goes down? Here’s what you can do.

1. Start with a map. Figure out how much you owe, to whom you owe it, at what interest rate you’re paying it back, plus any other fees, penalties or costs that go with any of your debts. If you need help figuring all of this out, let us know. We’ve got professionals who can help you find what you need. Meanwhile, review your credit report so you know what the credit agencies think you owe. Don’t forget to challenge anything on your report that appears fraudulent or inaccurate.

2. Lower your interest rate, even if it raises your payments. You can lower your interest payments by moving chunks of your debt from high-interest plans to lower-interest plans. One way to do this is to move credit card debt from one card to another, so your largest balances are at the lowest rates. Check out our Visa® Signature Rewards or Visa® Platinum credit card. Another way to do this is to get a new loan. For example, our home equity loans have lower rates than most major credit cards because you have collateral to help secure the loan and we redistribute our revenues back to our members in the form of lower rates rather than giving our profits to shareholders and bonuses for top-level executives.

3. Speak with a financial expert from Greenpath Financial Wellness for free. They can partner with you to ease financial stress and help you manage your debt. A GreenPath Debt Management Plan could enable you to pay off your credit card debt quicker, while saving lots of money in reduced interest charges. Call Toll-Free at 877-337-3399 today or visit www.greenpath.com.





« Return to "Blog Home"
Comments
No comments have been posted yet.
Post Comment
First Name:
Last Name:
(Only last initial will display on comment)
Check this box if you do not want your name and location to be displayed
E-mail Address:
(Not displayed on Comment)
City:
State:
Title:
Comment:

Notify me by email if this comment receives a response
Security Code:
What's this?