The old saying goes that “slow and steady wins the race.” The same is very much true when it comes to winning at personal finance. While it seems there is an endless abundance of get rich quick strategies, nothing beats some good old fashioned boring techniques as well.
It’s pretty common knowledge that just paying the minimum payments on your debt isn’t enough to get it done. Other methodology has also suggested putting 15% of your income toward debt – not always a realistic option for many as things like rent and other living expenses continue to go up and up. So what does that leave? Enter Tally.
Not surpisingly, student loans make up a majority of the debt for 19-29 year olds. Reflective of this is that while mortgage debt is only up 3.2%, student loans are up a staggering 102%.
To save, or to pay off debt? That is the question. While the answer should be fairly obvious, a recent survey shows that Americans are struggling with this decision quite frequently, and the results are of an ominous sort.
Now that the holidays have passed, your credit card bills with your holiday spending may have started to trickle in. Most by now have heard of various debt paydown methods like the snowball and avalanche, both of which have their advantages in their own right.
But could there be a better way, that helps to even make sure you don’t run into late payments any more either?
With the advent of plastic and especially now mobile wallets, it can become oh so easy to rack up the debt. Credit card companies love to entice us with all sorts of points, cash back offers and more. After that, comes the interest that essentially wipes out the “value” of any of those points. Granted, this may not be an issue for many, who opt to not use credit at all, or pay in full, and that’s great too!
What if there was a way though to stay on top of your spend, earn points/cashback and get those transactions paid off right away? Enter Debitize.
Ah, your “roaring 20’s”. What a care free time that was, right? Finishing up college, entering the working world, perhaps even just starting to (hopefully) dabble in investing in your 401(k). Once you hit 30 though, it can become a whole new ballgame. You may already be budgeting for a lot of these, but even if you are, it can still be a solid reminder to keep these as part of your financial plan.
When it comes to paying off debt, the struggle is definitely real. It doesn’t have to be though. Inside are some methods that can help you jump start getting your debt snowball rolling. Some might be common sense, but when put into action, can really help.
Not many look forward to Mondays, so usually we can always take whatever sense of positive news and stories we can get. With so much negative in the world anymore, I’m hoping to start sort of a little Motivation Monday series around here. Today’s is a great story about someone who was able to knock out $35,000 worth of debt in two years. Hopefully it can equally inspire you.
If revolving credit card debt knocks on your door on a month to month basis, it might be time to consider a balance transfer card. Of course, the main focus is to pay it and be done with it, and preferably no new purchases on it. Read more for how this technique can help you potentially save on interest, as well as get out of debt even more quickly.