Ways to Get Out of Debt
Oct. 24, 2017
It often seems like being in debt is as American as apple pie and baseball. It can be the same when investing in health care education such as that offered by Concorde. The costs of higher education, including health care education, today is not inexpensive by any means, and it requires many, if not most, to take out loans and go into debt.
To get out of debt, you need a plan. Then, you need to executive that plan. The good folks at Credit.com recently published a five-step get-out-of-debt checklist that can help you leave that financial burden behind you, whether in health care education or any other walk of life.
Best way to get out of debt from a health care education
As you work on this plan, Credit.com suggests making all necessary adjustments to your budget along the way to make sure you don’t overspend and slide back into debt. It’s always also helpful to keep an emergency fund, to have some savings tucked away for a rainy day.
- Make a list. Having everything written out in front of you is the key to success. It might not seem as insurmountable if it’s all laid out in black and white. Make a list of all your debts, including names of creditors and balances. List how much you’ll need to pay in order to zero out the debt within three years.
- Lower your rates. Paying high interest rates on existing debt only causes debts to mount. Check your credit score to see if you qualify for lower interest loans. Consolidate your loans. And, this is especially true with health care education, check out income-based repayment plans at StudentLoans.gov.
- Get your number. Total the three-year payoff plan for all your credit cards. Add monthly payments for all other debts. Write down the result.
- Plan your strategy. Determine whether you can afford to pay the total monthly payment until your debt is paid off. Set up auto pay for required minimum for all debts except target debt. Once that target is paid off, set another target and proceed accordingly.
- Monitor and adjust. Once your plan is set, don’t get too comfortable. Monitor your credit score each month to see if it improves. If you’re not making progress, you’ll have to be flexible enough to make adjustments.
Stick to it. It will get better
Keep in mind that none of this is easy. Losing debt takes work. But perseverance can make it happen. Don’t fret if you need to make adjustments. There is no quick fix, but if you can change your spending habits and behaviors, you can achieve your goals, both financial and with your health care education.