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09.15.2009 / Keep your debt in check with these helpful tips.

Between mortgages, car and student loans and credit debt, most of us are in some form of debt. It is pretty safe to say that no one likes owing money to another party. Luckily, there are ways that can make it easier to eliminate debt.

"There are ways that can make it easier to eliminate debt"

We asked our financial experts at First National, who have provided tips on how to help get yourself out of debt (along with some additional money-saving ideas).  These tips will also likely improve your credit score, which can make things a lot easier for you when you’re trying to make some pretty important life decisions.

  • Always pay your bills on time (the earlier the better)
  • Put all of your spare change into a jar and put that money towards paying off your debt—it’s amazing how much it adds up.
  • If you can, make a second mortgage payment or car payment each month (but, be sure you won’t get penalized for it).
  • Focus on your “needs” and limit purchasing your “wants” (think: magazine subscriptions and fancy coffee drinks!)
  • Try new recipes to cook instead of dining out.
  • Track your spending on a daily basis!
  • Improve your health (i.e., quit smoking!) to lower your health care expenses, and use those savings to reduce debt.
  • Keep track of your credit score (you can even get one free report a year at www.ftc.gov/freereports.

  • Saving should be your priority, followed by paying off bills and debt.
  • Investigate debt repayment plans and commit to one that makes the most sense for you.

There are many other ways to control your spending and make you one step closer to climbing out of debt.  To learn more, contact a professional at First National Bank.

Do you have some money-saving tips that have helped you consolidate your debt? We want to hear from you!

Posted at 12:54 AM | Permalink

Comments

what are my options if I can no longer pay on a credit card due to a lay-off from my job??
Posted by Mom of 3 at 04:16 PM, Aug 24, 2009
We realize that our customers and members of the community may be experiencing some financial hardships during this economic recession. It is important to keep your account in good standing and continue to make your payments on time. If you are having difficulty making your payments on time, Consumer Credit Counseling can help you write letters to your creditors to possibly reduce the balances and set up a practical payment plan. Visit www.nfcc.org for credit counselors in your area. If you have opted for ancillary benefits on your credit card, you may be eligible for payments to be made while you are unemployed.
Posted at 08:18 AM, Aug 27, 2009
Dear Mom of 3 -- another option is to simply call your lenders and creditors.
Posted by Dad of 6 at 12:05 PM, Aug 28, 2009
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