How Roseland Associates can help you get out of debt

Do you know how much debt you owe?  I bet it is a larger amount than you think.  Add up all of your credit card balances, the amount left on your car loan, the amount you owe on your mortgage, any medical bills, the amount owed on any personal loans and you have your debt.   Now, add the interest you will pay on all that is listed.  Pretty big number, huh?

Want to get out of debt?  I am going to discuss a few ways to help you reduce your debt.


Your money

What is the net amount of your salary?  Did you get an income tax refund?  If you got a refund, you can can more money in your pocket if you adjust your withholding.  This means they will take out less Federal taxes on your paycheck, putting that money in your bank account each payday.  Contact your human resources department to fill out new withholding forms.  For instance, if you change your withholding and you now have $15 extra in your paycheck, that is $780 a year.  You can put that money towards your debts.

Which debts do I pay first

You may think the highest loan amount(which is usually your mortgage) would be the debt you tried to pay on.  Nope.  Start with the debt that has the highest interest rate.  My bet is that is one of your credit cards. You can pay off a credit card pretty quick with that extra $780 from the scenario above.  Do NOT just make your minimum payment.   Always pay off your credit card debt as not to accrue any interest charges.  The interest will eat you alive!

Roseland Associates

There are many businesses and financial consultants that will help you manage your debt, show you what you need to pay off first, advise you whether a debt consolidation loan would benefit your particular situation, and give you sound financial advice.

Your savings

Do you have a savings account?  Nowadays, they don't give you a high percentage yield.  You might want to consider using your savings to pay off some of your debt.  Do not touch it if there is going to be a large penalty for withdrawing money from it.  Many financial institutions only give you 4 withdrawals a year before they start penalizing you.  You will have to figure out if this is right for you.

Sell some of your belongings

People laugh when i mention this.  They claim they do not have anything to sell.  I got into a financial bind a few years ago and decided to have a yard sale and ended up making over $1000.  That saved me from being late on my mortgage and car loan, with money left over.  You can also try local online yard sales or Ebay.

Debt free

If you want to be debt free, you have to make some adjustments.  Whether that be lifestyle or monetary adjustments, you can do it.  If you are buying that $5 cup of Starbucks every day, you can save over $1500 a year by just NOT buying it and putting that towards your debt.   That is a lifestyle change that we can all easily make!


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