What Not To Do While Trying To Get Out of Debt
Jaime Catmull GOBankingRates November 6, 2020
If worrying about how to pay off debt keeps you awake some nights, late-night television abounds with alleged solutions. Some ads even promise to get rid of your debt for pennies on the dollar.
Fall victim to these deals and you might be left with worse financial troubles than before. But these aren’t the only foolish ways of paying off debt. Financial experts shared some common mistakes people make while trying to get out of debt avoid making these same missteps.
1. Not Having a Reasonable Debt Repayment Strategy
When sitting down to tackle your debt, the first step should be to see how much total debt you actually have. Add up any debt you have accrued from student loans, car loans, credit cards, medical debt, home equity loans, payday loans, personal loans and IRS and government debt. If you’ve been dealing with debt for a while, this might add up to a scary number that could leave you feeling overwhelmed, and you might feel like you don’t know how to even begin paying it back.
Why This May Be a Mistake
When you don’t have a clear debt repayment plan, your instinct might be to try to cut back on spending, save more and earn extra money until you’ve saved enough to pay back your debt all at once. However, if you are just making the minimum payments throughout this time, you’ll be accruing more interest all along.
Aim to consistently pay down your debt every month. Whether you want to tackle the highest-interest debt first or the smallest bill, know what your plan is and how you can achieve your goals.
Does It Ever Make Sense To Pay Down All Your Debt at Once?
In many cases, paying off all your debt at once is impossible, so having this as your goal will only set you up for failure. However, if you’ve recently received a bonus, tax refund or another cash windfall that can eliminate or at least pay off most of your debt, this is a great way to use that money.
Paying off debt as quickly as possible will lower the interest you have to pay and also will improve your credit score.
2. Taking Out Payday Loans
If your car or house payment is due before your next paycheck, a payday loan can seem tempting. With a payday loan, the lender gives you the cash you need, and you write a check for the amount you’re borrowing, plus a finance fee.
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