Debt Reduction Calculator
Find out how long it will take to pay off your debt by adding specific amounts to your monthly payments.
There is no shortage of advice online about debt reduction. Like anything, do a little research before you start following any plan. The Federal Trade Commission provides a list of possible approaches and recommendations for dealing with debt. Insight Wealth Group can also help you create a debt reduction plan as part of the financial planning process.
If you decide to develop a plan on your own, here are a few tips:
- Create a monthly budget and stick to it. The first step in debt reduction is avoiding the creation of more debt.
- Contact your creditors to work out a modified payment plan.
- Choose your debt reduction strategy: pay off high interest rate items first or pay off low balances first. Both approaches work. If you're someone who needs a win to maintain your motivation, you might want to go with the "low balance first" strategy.
Contact us to develop a personalized financial plan at 515-273-1333.