Reducing Debt: Robins Financial Credit Union

Earning money and spending money are part of life. Often, there are situations where we need to spend more than we earn. This creates debt – and it’s completely
normal for people to carry some debt. However, there are times when people get into trouble with debt. Significant debt can make people feel stressed or trapped – or perhaps like they are drowning. Fortunately, a lot of people have been there – and there are ways to deal with it. If you find yourself overwhelmed by debt,
you need a plan. The first part of your plan should be to make sure you aren’t adding any more to your debt. Cut back your spending, find additional sources of income, whatever it takes to make a budget in which you are earning more than you’re spending. Next, get strategic about how you pay off your debts. Organize all your debts based on
how high the interest rates are. Make sure you are paying at least the minimum amounts for all your debts, and then focus any extra money on the debts with the highest interest rates. when you knock off the debts with the highest interest, then roll your extra payments into the next one on the list. This is how to dig your way out. You may also want to look into debt consolidation. This transfers multiple debts to one single debt holder. An advantage of this is simplicity: you have only one number and one payment to focus on. It’s possible that this could also save you money, if the consolidated debt qualifies for a lower overall interest rate, potentially making it both a thrifty and
simpler way to get your head back above water. If you have questions, reach out to our
loan experts for a free financial review and see how much you could save
by switching to Robin’s Financial Credit Union. For more information, call, click, or
visit any of our branch locations.

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