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Holiday Debt Relief
Cynitra F. Oliver, MBA
Financial Wellness Associate
There are simple ways to help tackle the debt. First things first! Gather all of your credit card bills. Review the interest rates. You want to list the debt according to the interest rate-largest to smallest. Paying a higher interest rate can cause a problem, especially if you don’t pay the balance in full. In not doing so, you can incur fees and additional interest, and you end up paying more than the actual purchases because of it.
Most credit cards offer balance transfers. My suggestion is to transfer the balance of a credit card to another credit card with the lowest interest rate. Again, paying the higher interest rate can be harder to pay off. In hindsight, transferring the balances will make it easier to monitor. Take advantage of the 0% interest rate that most credit card companies offer when you transfer balances. Don’t forget to read the disclosures to ensure you qualify for the balance transfer!
Another way to help tackle that holiday debt is to consider applying for a personal loan with your local bank or credit union. This a great alternative to balance transfers, especially if you have a large amount of credit card debt. The personal loan offers a fixed rate and amount to pay each month. Keep in mind you may be required to pay off and close some of your credit cards, depending on the terms of the personal loan.
Family lets be better stewards of our finances. Don’t be ashamed to ask for advice. We’ve all been there! We’ve all splurged a little. Let’s not let money get in the way of our financial freedom. We got this!
Peace & Love,
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