Tips, tricks, and insights on managing personal debt from the experts at Wintrust.
Tips, tricks, and insights on managing personal debt from the experts at Wintrust.
From mortgages to student loans, from auto to credit card, debt is on the rise for many consumers right now. Here are some helpful tips to aid in managing financial debt.
“Instead of taking the expenses away for good, plan ahead. Write down the spending goals you have. This should include the mandatory stuff, like paying your rent and saving for retirement. It also, however, should contain some other wants that you dream about.”
“With a debt avalanche approach, your goal will be to prioritize the debts that accrue the highest interest rates. The debt with the highest rate will be the debt that you work on paying down first. Once that’s done, you move on to the debt with the second-highest interest rate, and so on down the list until you get every debt paid off.”
“Consider transferring high-interest credit card balances to one with a low-interest rate. A zero percent balance transfer credit card can provide you some relief and buy you time. If you have zero percent APR for just 12 months, you’ll still be saving.”
“Your credit score is your financial reputation. It shows lenders how likely you are to pay back a loan based on your payment history. In the U.S., your credit score is one of the most influential factors in determining your eligibility to rent an apartment, take out student loans, and purchase a car or home.”
If you’d like to meet with a financial planner, or look into account options to help you start saving, our local experts are always standing by to help.