Happy Monday Divas 🙂
I hope everyone had a great weekend! My family got some much-needed rest and housework done. The weather was great and the boys got their first introduction to yard work in our new home! Oh the joys of parenthood, right?
I’ll be honest with you, I’ve slacked off quite a bit in my debt payoff. I haven’t even updated my balances in the past few months. The doctor bills from my last pregnancy put me in a little slump, but I know I need to get back in gear in order to accomplish some of the things I want to do in the next few years.
These are just a few of the practices that have helped me in the past with paying down (and off) my debt:
~Paying more than the minimum. Sometimes easier said than done, but it really does help in the long run.
~Using a debt snowball plan (similar to Dave Ramsey’s plan). I love having target dates and seeing in black and white when I’ll be able to mark a debtor off my list. This type of plan helps to make some of those dates happen quicker than others and, also, assists with my first suggestion of paying more than the minimum payment when able.
~Contact your creditors to possibly negotiate lower terms or extended payments. Yes, in the long run you may pay more, but you won’t get dings on your credit report for being delinquent. You can always send in more when able.
~Don’t ignore it! It’s not going away. Often if you communicate with them and show a willingness to pay what you can, they are more willing to work with you.
What plans and tips do you have when it comes to paying off your debt? Any debt payoff success stories?
I look forward to hearing from you all and sharing what has and has not worked.