When standard budget plans don’t put a dent in your consumer debt, it’s time to take a look at some different strategies to help get out of the debt payment burden. Several new strategies designed to tackle onerous debt have an underlying of theme that makes the process less demanding.
Paying yourself first is the pinnacle of rewards based debt repayment plans. This method of debt repayment combines savings with accelerated debt payments. Paying into your own savings and investment accounts while addressing your debts is the foundation of this technique. The goal is to put emphasis on savings and debt reduction to build a long term plan with psychological rewards along the way.
Accelerated payment programs such as ones where the borrower makes multiple payments per month or adds a periodic lump sum payment is a strategy popular with mortgage loans. This strategy is equally applicable to credit cards … Read more