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We all dislike the lingering feeling of that credit card balance that keeps rising and rising. It’s stressful and we try to ignore it but it’s still there. More than half of Americans spend more than they earn, and use credit cards to bridge the gap. Many people are dealing with daunting student loans, while they are still in school or after they graduate. If you are tired of living paycheck to paycheck and want to take care of that debt hanging over your shoulders, here are a few ways to finally tackle that debt.

  1. Gather all your facts. Make a list of all your bills, credit card statements and student loans. List them all out from smallest to largest. Start tackling the smallest loan and keep moving on to the next. Take the payment from that loan you paid off and apply it to the next loan you have left.
  2. Pay over the minimum payment. One of the best ways to pay those loans down quicker is to make more than the minimum monthly payment. It will help you save on interest and speed up the payoff process. There are programs that can help track your progress as you pay down balances to keep you motivated.
  3. Sell the things you don’t need. If you want to get some quick cash, you might want to take a look at the things that you don’t use or need anymore and sell them on sites like OfferUp or Facebook Marketplace. One man’s trash is another man’s treasure.
  4. Cut back on the spending. Think of all the things we buy that we don’t need on a daily basis. Cutting back on the daily coffee shop stop and brewing at home can save money. If you watch your favorite shows online you can lower your cable bill. Making a monthly budget helps to stay on track.
  5. Eat at home more often. Going out to eat can be very expensive and add up quickly. Try planning your trips to the grocery store by making lists so you are not impulsively spending.
  6. Negotiate lower interest rates. Negotiate with your current credit card company for a lower interest rate. A balance transfer to a credit card with a lower or no interest introductory rate can help pay off that debt faster.

If you continue to be diligent and really stick to your plan you will be on your way to debt-free living. This will not happen overnight but changing your habits and how you think about spending can help achieve your goals. Ask our agents at Ample Insurance to evaluate your current insurance needs and help you save with the right coverage. Contact us at 321-222-1488 or for more information.