TIPS ON HOW TO MANAGE YOUR DEBT:

 

We just closed out the most unpredictable year in recent history. The year 2020 impacted the way we work, go to school, go to church, and even the way we shop for groceries. Many Americans were caught off guard by the impact that 2020 made on their finances. Even for the most financially responsible, life’s unpredictable nature can catch you off guard, at times making it extremely easy to fall into unhealthy debt.

 

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Debt Strategies

If you find yourself falling behind on payments, there are strategies to guide you with your growing debt.

  • Debt Snowball Method: Pay off the smallest debt first.
  • Debt Avalanche Method: Knock out the BIG things first and work your way down.
  • Debt Management Plan: Ask for help from a non-profit organization or a credit counseling agency.
  • Debt Consolidation: Combine all your debts into one payment by taking out a new loan, preferably with a lower interest rate.
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    The Banzai Get Out of Debt Coach can help you make a customized plan to pay off your debt and learn more about what some of these strategies could look like for you.

    Tips to Get Out of Debt

  • Reduce Expenses
  • Pay More Than Your Minimum Balance
  • Negotiate With Your Creditors
  • Use Debt Counseling Services

    • o   Do your research and avoid debt counseling services that require an upfront fee for a solution that doesn't involve changes to your current spending habits.

    Debt Payoff Calculator

    Explore options to help you pay off your personal loans early.

    Take Control of Your Money
    First Citizens National Bank has partnered with Banzai to offer clear, in depth information to help you explore financial topics you care about. For more information visit https://firstcnb.learnbanzai.com.