ABCs of Eliminating Debt

Between a mortgage, car loan, student loans, credit cards, and medical bills, debt can get out of control before you realize what’s happening. Whether your debt stems from a job loss, unexpected expenses, or overspending, it’s possible to reduce and eventually eliminate it.  Tackling your debt takes time and effort, but combining strategies and staying consistent can help you successfully dig your way out of debt. Here are some tips to help you get out of debt.

Today we’ll talk about:

Freezing Credit

Building an Emergency Fund

Using the Debt Snowball Method

Asking Your Creditor for a Lower Interest Rate

Increasing Your Income

Withdrawing From Your Retirement Fund

Cashing Out a Life Insurance Policy

Debt Settlement

Credit Counseling

PODCAST SOURCES

  1. IRS. “Retirement Topics – Exceptions to Tax on Early Distributions.” Accessed June 3, 2021. 
  2. Fidelity. “Thinking of Taking Money Out of a 401(k)?” Accessed June 3, 2021.
  3. Ameriprise Financial. “Tax Planning Tips: Life Insurance,” Expand “What Are the Tax Consequences of Cashing in Your Life Insurance?” Accessed June 3, 2021.

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