If you are struggling with debt or having a hard time paying your bills and/or keeping to your budget, here are some ways to get your finances back on track.
- Take a look at your loans, their monthly/periodic payment amounts and their interest rates. Next, consider which of these options for reducing and paying off debt might work best for you:
- Start with the lowest balance. The satisfaction of paying off a debt can provide the motivation you need to tackle the next pay-off.
- Start with the highest interest rate. This method helps you lower the amount you pay in interest and gives you more money to save or put toward another debt.
- Start with the debt that gives you the most stress. Paying off this type of debt can improve your financial picture and help reduce your stress.
- Consider debt consolidation. Sometimes, consolidating outstanding debts into one loan can reduce not only your monthly/periodic payment, but also the total interest amount you pay. If you own your home and use a Home Equity Line of Credit to consolidate your debt, the interest you pay may be tax deductible. 1
Have you experienced one or more of these situations? There’s help! Visit Ent’s free and confidential financial counseling partner, GreenPath , for more information on how they can help you with debt counseling or debt management plans.
1 Standard credit qualifications apply. Loans subject to final credit approval. Financing available on owner-occupied homes throughout Colorado. Property insurance is required. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges. Please refer to Ent's Important Loan Information and HELOC pre-disclosure for more information.