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Debt Management

BetterWealth For Women-debt-management

How Can I Pay Down Debt?

Debt management is a way to get your debt under control through financial planning and budgeting. The goal of a debt management plan is to help lower your current debt and move toward eliminating it completely. At BetterWealth for Women, we work one-on-one with you, providing education on your finances and giving practical advice that will lead to long-term success in managing debt. We’ll also provide guidance on how much money should be put towards paying off debts each month so that you can eliminate them and increase your cash flow to fund other financial goals.  Reducing or eliminating debt gives you the peace of mind that your money is working for you.

In order to reduce your debt, there are two basic strategies that can help you. The highest interest rate method focuses on the debts with the highest rates of interest such as credit card and student loan debts which will allow for a quick payoff date while also reducing your total amount owed by minimizing any late fees incurred from these higher-interest accounts. Alternatively, if you want more control over how much money is being spent each month in repayment then snowballing allows consumers to repay their smallest loans first before tackling those with the most expensive balances later knowing they’re not wasting time paying off smaller amounts when it could be going towards larger ones instead.

At BetterWealth For Women, we will analyze your debt and look for the most productive strategies to help you reduce debt and re-allocate your money for the future.  We will work with you each step of the way to map out how much cash flow you have coming into your account each month and identify problem areas that could arise if not taken care of soon enough.

It’s worth a look at reducing debt as a way to fast-track your other financial goals.

Let’s set up a call  732.735.8433

Get Your Financial Plan On Track Today

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