From the course: Personal Finance Tips Weekly

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Stay motivated when paying off debt

Stay motivated when paying off debt

From the course: Personal Finance Tips Weekly

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Stay motivated when paying off debt

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- So you've decided to get serious about paying down that debt. Good for you. When you pay off debt, you make an investment in your future financial security. But depending on the amount you owe, you might be working towards this goal for awhile. How do you stay motivated and committed for the long haul? Follow these six tips. First, decide on a monthly repayment amount that you can live with. And by live with, I don't mean white knuckle your way through years of ramen dinners and keeping your shoes until the soles wear out. Even if it takes longer and you end up paying more in interest, you're more likely to stick with it if the amount feels sustainable. If you put yourself in too strenuous a plan, you're more likely to abandon it. Next, make sure you're getting the best possible rates. For credit cards, you can try to negotiate a lower interest rate directly with your creditors. Or consider transferring the balance to a card with a zero percent introductory rate and a low balance…

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