Looking To Get Out of Debt in 2019? Here’s How to Start
January 4, 2019
By: GREENPATH FINANCIAL WELLNESS
If credit card payments make up a big portion of your expenses, paying off debt might be one of the first ways you can save money. High-interest credit card debt is expensive to keep around. That’s probably why more than 30% of New Year’s resolutions are related to getting out of debt and saving money, so 2019 is your year to get out of debt! Here are some tips on how you can make a successful resolution to become debt free.
Plan your work, work your plan
We all know it’s tough to stick to a resolution. A key difference in those that succeed is creating a plan. Wanting it is good. Knowing how you’ll get it is even better.
In the world of personal finance, making that plan means figuring out how much money you have to work with (how much you make), and deciding how to spend it. A spending plan – aka a budget – gives every dollar you earn a job.
IAACU offers a built-in money tool called Money Management where you can integrant all accounts and set small goals for each category. This tool allows our members to see where there money is going and areas that can be cut back on.
Which card to pay off first? (Do what’s best for you and your plan)
The way to save the most money is to pay off your debt. Usually, this means paying extra on your highest-interest credit card debt first.
If you know you need the motivation of seeing an entire card get paid off sooner, you might choose the snowball method – paying off your smallest balance first, moving on to the next smallest, and so on. This method may take you a bit longer but can be a successful process for those who are trying to work their way out of debt.
You can pay off debt on your own with a solid plan. Or you might consider a Debt Management Plan, which is designed to pay off debt faster and save money through reduced interest rates and a structured repayment plan. If your payments are high this plan can also help to reduce your monthly payments.
For a limited time we are offering a 2.99% APR* balance transfer for 12 months with absolutely NO fees! Hurry offer ends March 31, 2019!
Free Financial Coaching
IAACU has partnered with GreenPath to offer our members free financial counseling and education to support people in paying off debt. Our professional, caring coaches will explain your options, including paying off your debt on your own or using a Debt Management Plan. They’ll support you to develop a personal action plan that works for you.
*Promotional Rate-January 15-March 31, 2019; 2.99% Introductory APR for 12 months on any balance transfer. Cardholders will have up to 12 months, from the date of transaction, to pay off the balance under the lower APR. Any unpaid balances accumulated under the promotional rate will go back to the original rate that you qualified for in the 13th month from the date of your balance transfer, on your bill date.