Pay Off Bad Debt

Bad debt can feel like a heavy weight on your shoulders. High-interest credit cards, payday loans, or personal loans often come with big monthly payments that barely touch the balance. But there’s good news, you can pay it off faster with a plan.

Start by listing your debts, including the balance, interest rate, and minimum payment. Once you see it all in one place, focus on one at a time. Many people start with the smallest balance (the snowball method) or the highest interest rate (the avalanche method). Pick what works for you and stick to it.

Here’s an example: Lisa had three debts, a $500 credit card at 18% interest, a $2,000 personal loan at 12%, and a $10,000 car loan at 5%. She decided to tackle the $500 credit card first, paying extra every month while keeping up with the minimums on her other debts. Once the credit card was gone, she used the freed-up money to attack the personal loan.

It’s about building momentum. Each win helps you stay motivated. With a plan, bad debt doesn’t have to hold you back. You can take control and start working toward financial freedom!

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Do you have “good debt” or “bad debt” in your life? Contact us today to find out more! 

Free Tools For You! 

We also have free tools available! Accelerate Debt Payments Calculator to see which option is best for you! 

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