Inch by Inch

Inch by Inch

Digging out of debt can seem overwhelming, but don’t let that stop you from developing a plan. Like many things in life, you can take small steps to arrive where you want to be. Here are some basic moves to climb out of debt.

Prioritize

The best way to pay down debt is to attack the debt with the highest interest rate first. Once you get that debt paid off, you move on to the next highest interest rate. Interest rates are killer, taking the highest out first will free up money faster.

Brave Your Budget

You need to squeeze as much money out of your budget as possible. That means getting tough on your monthly spending. Cut back on as many expenses as you can. No, this won’t be easy. But keep in mind that it’s temporary. Once you pay down your debt, you can revise your budget once again.

Make a Call

As US News reports, a phone call can go a long way toward paying down your debt. Simply call your lenders and ask about any available financial hardship programs. Many lenders, especially now during the pandemic, will be willing to work with you on a payment plan.

Get Automatic

Once you get a handle on your debt, make savings automatic so that the circle of overspending doesn’t continue. If you have a solid emergency fund and a sizable savings account, you’ll be less likely to go back into debt down the road.

Articles
Doing Double Duty
Doing Double Duty

Your debt-to-income ratio is one factor mortgage lenders consider when deciding on loan approval and rates. So if you’re struggli...

Read More

More and More
More and More

We have yet another reason to pay down your debts: Collection offices are about to get a lot more annoying. The reason? The Consu...

Read More

Carving Into Cards
Carving Into Cards

Sure enough, the pandemic is changing how Americans are using credit cards. It makes sense. The coronavirus has impacted many peo...

Read More

Ask First
Ask First

Medical bills can wreak havoc on your budget. Consider a typical stay at hospital. According to a study by Debt.org, a day at a h...

Read More

Why You Shouldn’t Dawdle When Filling Out The FAFSA
Why You Shouldn’t Dawdle When Filling Out The FAFSA

Think October and you likely think Halloween, sweater-weather, leaves falling from the trees. But if you have a college student ...

Read More

Down and Up
Down and Up

A study from the Mortgage Bankers Association has found some good and bad news about mortgages. Let’s dig into the details. The ...

Read More

Planning on Payments
Planning on Payments

The pandemic has made life pretty difficult. You should be taking advantage of any help you can right now. According to a recent ...

Read More

Loan Leeway
Loan Leeway

Federal student loan borrowers, you are in the clear. For now. The federal government’s pause on student loan payments has been e...

Read More

Take A Pause
Take A Pause

The coronavirus has made paying bills a struggle for many. Thankfully, there are federal, state and local organizations providing...

Read More

Website Terms of Service

Please read these "Website Terms of Service" carefully before using SavvyMoney Checkup ("site", "website"). Accessing this site, or making this site available to any third party, indicates that you have read and accept these terms.

  1. Materials. Materials in this site are copyrighted and all rights are reserved. Text, graphics, databases, HTML code, and other intellectual property are protected by US and International Copyright Laws, and may not be copied, reprinted, published, reengineered, translated, hosted, or otherwise distributed by any means without explicit permission.
  2. Links to Third-Party Sites. Linked, third-party sites from website are not under the control of the Licensor. The Licensor is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites.
  3. Confidentiality of Codes, Passwords and Information. Licensee agrees to treat as strictly private and confidential any username, password, user ID, and all information to which you have access through password-protected areas of website.
  4. Maintenance. Licensor shall provide Licensee any new, corrected or enhanced version of the site as it becomes available. Such enhancement shall include all modifications to the site which increase the speed, efficiency or ease of use of the site, or add additional capabilities or functionality to the site, but shall not include any substantially new or rewritten version of the site.
  5. Limitation of Liability. Licensor shall not be responsible for, and shall not pay, any amount of incidental, consequential, or other indirect damages, whether based on lost revenue or otherwise, regardless of whether Licensor was advised of the possibility of such losses in advance. In no event shall Licensor's liability exceed the amount of license fees paid by Licensee, regardless of whether Licensee's claim is based on contract, tort, strict liability, product liability or otherwise.