Steps to Achieve Financial Freedom
Are you buried in debts that seem to grow to new heights each passing month? Perhaps you’re late on your car payment, weighed down by student loans or mortgage or maybe your payday loan has ballooned and the interest keeps accumulating. If you’re facing one or all the scenarios as described, you may be considering your options for debt relief, and hopefully achieving your financial freedom.
Here are some tips you may need to know.
Small Steps to Financial Freedom
How much debt do you have?
The first step is to have a clear picture of how much you owe and what each debt is.
Lower Your Bills
Cut down on your spending each month to give you more cash to put toward your debt payoff. Can you avoid eating out too often, become a one-car household, lose cable, or even move to a less expensive neighborhood?
Pick a Side Hustle
Find ways to increase your earning power and put your additional earnings toward paying off your debt.
Consider Interest Rates
Prioritize the debts with high-interest rates and make a conscious decision to make more than the minimum monthly payments to help clear your debts faster while saving on interest.
Debt consolidation of your outstanding debts can help you save money and lower your interest rate.
Manage Your Money with Bragg Mutual
Our debt consolidation plan allows you to combine multiple consumer debts into a single payment with a lower interest rate, making payments more manageable and the payoff period shorter. Further, if you own a home, you might have enough equity to consolidate your debts through our competitive HELOC loans.
There really isn’t one way to get out of debt that works for everyone. However, incorporating most of the tips will ultimately help you manage debt more effectively. So try these tips and don’t hesitate to call us at 910-222-1500 for a free debt and budget evaluation and more services that can help.
*Subject to credit approval. Rates disclosed reflect our best rates and may be different based on credit underwriting or services used. All loan rates are subject to change without prior notice. The information posted here is a service to our members. Although BMFCU strives for information accuracy, we do not guarantee or warrant information posted here.