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Debt Reduction

Debt Reduction Calculator

Find out how long it will take to pay off your debt by adding specific amounts to your monthly payments.

Debt Details:

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I want to know:

What will happen if I pay extra $ monthly

How to be debt-free after years & months

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:

  1. Create a monthly budget and stick to it. The first step in debt reduction is avoiding the creation of more debt.
  2. Contact your creditors to work out a modified payment plan.
  3. 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.