We all know the importance of saving money. But it’s hard to justify saving for a $2,000 vacation when you owe $8,000 in credit card debt. Most of us become a slave to our debt. No matter how large or small the debit, we feel we must pay off the sum before we can spend elsewhere or sock away cash.
Map Out a Plan to Get Out of Debt
Regions can help you develop a method to get out of debt, start saving and find your way back to financial freedom. Developing a plan is easier than you think. The hard part? Sticking to it. First you must get into the habit of spending less than you make. This is likely to be difficult considering it is living above our means that gets us into debt. Now go through your budget and cut the “fat.” From the largest to the smallest, rethink every item on your list. Ask yourself questions like: “How much could I save per month if I refinanced my mortgage at a lower rate?” ; "Do I really need 163 channels of television?"; and "Can I live without that $4 latte every morning?". Keep in mind, the "fat" you cut can be used to thin your principal debt.
We Have Answers
We understand that dissolving debt takes discipline and determination. That is why the professionals at Regions are available to answer your questions and help you stick with your plan. Our convenient calculators can quickly supply you with answers to questions like:
How to Pay off Debt
How to Consolidate Debt
Are Credit Card Balance Transfers Worth It?
How to Pay Off Debt Fast Using a Lump Sum Payment
How to Get Out of Credit Card Debt
What Are the Advantages of Increasing Monthly Payments?
Explore Regions’ credit options to discover other ways to get out of debt. Also be sure to visit other helpful sites Equifax for a copy of your credit report.
The road to financial freedom is not always a smooth one, but staying focused can help you arrive sooner. Just think you may actually get to pay cash for your next family vacation — and enjoy it twice as much.