Planning Your Future

So you want to pay off your debt. To get started, the first thing you need to do is set a plan. Assess your debts and determine which debts are high priority. This is the process of setting your priorities for which debt you should pay off first. 

 

How do I determine which debt I should pay first? 

 

You can determine this by:  

 

(1.) The Interest Rate You Are Paying. If you have a high interest rate, then this means that you are paying more for the principal. Because of this you may want to tackle high-interest bearing debts in order to avoid paying more. 

 

(2.) The Outstanding Balance. Increase your payments if the outstanding balance is a low amount. This will help you to quickly pay off the balance owed. 

 

(3.) Your Monthly Payments. If your monthly payments are high, you may want to pay extra principle to accelerate paying off the credit card. 

 

(4.) Use the Credit Card Payoff Calculator. Use the Credit Card Payoff Calculator below to help you organize your debt and put your FINANCIAL PLAN into action.