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For this blog, we’ve teamed up with our partners at Fairstone.
As the weather gets warmer, many of us start spring cleaning. While cleaning your house or yard, you may think about cleaning up your finances as well. Paying off debt is a great way to get back on track with your financial goals, but for many of us, debt repayment can seem overwhelming. That’s why we’ve teamed up with our partners at Fairstone, to offer some tips to help get you started on paying off debt.
Prioritize and create a budget
Before you can begin paying down debt, it’s important to determine how much money you can realistically spend each month on debt repayment. When creating a budget, try to cut out as many non-essential expenses as you can, so you have more money to put towards debt repayment. The quicker you can pay down debt, the sooner you’ll improve your financial situation.
See how much you could be saving with Fairstone’s debt consolidation calculator
Depending on your interest rate for each bill and the amount of money you owe, you could save money by consolidating your debt. Considering a consolidation loan? Check out Fairstone’s free debt consolidation calculator to find out if a consolidation loan will help you save money. To use the tool, enter the details of each bill you owe (balance owing, interest rate, monthly payment), and then calculate your savings.
Consolidate debts with a personalized debt relief plan
On top of saving you money on interest charges, debt consolidation can make debt repayment more manageable. Rather than having multiple bills and deadlines to worry about, you can combine multiple bills into one manageable monthly payment. If you’re interested, you can request a free, no-obligation loan quote to see if consolidation is the right option for you.
Improve your financial habits
While paying down debt is a step in the right direction for your financial future, it’s also important to build healthy financial habits. Fairstone’s blog is packed with helpful articles on topics like reducing expenses, managing bills and tips to keep you informed about credit and borrowing. Creating healthy financial habits will not only help you pay off your current debt but also keep you debt-free in the future.
Remember, the best time to deal with your debt is now. If you’re committed to debt repayment and make it a priority, you could be out of debt faster than you think.
