Debt can be a major stressor in life and at times it can feel like you will never be able to pay it all off. But we are here to
tell you, YOU CAN DO IT! We can’t tell you it will be easy, but with some focus and determination, it is possible. Here are some helpful steps to getting started and owning your financial future!


Determine how much you owe.

Before you can pay off all your debt, you need to know how much you owe. You can start by looking at all your accounts, including your credit cards, and write them down. Consider the interest rate, payment dates, and the minimum on payments.


Choose your payoff method.

Once you know how much you can afford to pay back your debt, there are two ways to attack it. One is the snowball method; the other is the avalanche method.

The snowball method is where you focus on paying off your smallest debt balance first, then moving on to the larger ones while still paying the minimum on all your other debts. Once you have paid off the smallest debt, roll that money onto the next smallest debt. Keep this process up until all your debt is paid off. This method will give you quick rewards and teach you discipline.

The avalanche method is when you pay off the debt with the highest interest rate first while paying the minimum on the smaller debt. Once you have paid off the debt with the highest interest rate, you would move on to the debt with the second highest interest rate, and so on. This method requires much discipline but will result in you paying less interest over time.


Consolidate your debt.

If you feel like you are way over your head in debt, then debt consolidation may be your best option. Debt consolidation combines all of your unsecured debt and credit cards into one payment. This way you do not have to worry about multiple due dates since all qualifying debts are put into one manageable monthly payment. If you feel debt consolidation is the right option, contact a loan officer at 423-336-7268 or apply online. Our experienced loan officers will set you up with a personalized plan that will benefit you!


Find an accountability partner.

Paying off your debt can be challenging. It takes discipline, dedication, and commitment. At the end of the day, we are all human, and it’s okay if we make mistakes. Finding a financial partner can help guide you through this journey and keep you on track. Remember, you’re winning with every step you make toward your goal!