managing your debt will let you achieve financial freedom sooner

How to manage your debt

Whether you’ve maxed out your credit card, are struggling to repay your car loan or mortgage, or want to get a leg up on your student loans, the right debt-management strategy can help you save on interest or avoid defaulting.

Credit card debt

Practical and simple steps to take to pay off your credit card balance for good.

Personal loan debt

Use refinancing to pay off your current personal loan with more competitive rates and terms.

Car loan debt

Refinance your current auto loan to unlock cheaper rates or reduce monthly repayments.

Mortgage debt

Financing your loan under stronger terms may help you save thousands.

Business debt

Learn more about the different financing options to help your business make a comeback.

Tools to help manage debt

Managing your debt is simpler and easier when you utilize tools that walk you through the process or provide the information you need quickly and conveniently.

Regardless of what kind of debt has accumulated in your accounts, assessing the whole picture of your finances and putting together a plan to tackle it is a smart first step. Setting up online banking not only provides you quick access to the balance and payment information you need, but it can also help you move money around and automate payments so you never miss a due date.

A budget can help you get a grasp of how much money you have each month to pay down that debt and where you can make some extra room to speed up the process. And it doesn’t have to be a tedious pencil-and-paper project. Budgeting can be as simple as using an app or a checking account with built-in budgeting features.

How-to guides for some of the most common debt management tools


What type of debt are you trying to repay?

Debt management isn’t a one-size-fits-all solution — save money by finding the best strategy for your unique situation.

credit cards if not used correctly can result in a debt trap

Credit card debt

If you’re struggling with high-interest credit card debt, there are a few strategies you can use to pay it down. One technique is to look at your budget and create a payment plan in which you pay more than the minimum amount due each month. This can help you save on interest and pay off your card faster.

You also might want to apply for a 0% balance transfer credit card to move your debt to a card with an interest-free promotional period. This can especially come in handy if you have debts on multiple credit cards that you’d like to consolidate to one card.


deciding car_shutterstock

Car loan debt

Struggling to afford you car loan payment each month? You might want to consider refinancing. Essentially, you take out a new car loan with lower rates or more flexible terms to help you save on interest or lower your monthly repayment.

This can be especially helpful if your credit score has improved, income has increased or you’ve paid off some debts since you first took out your auto loan. You’ll likely be able to qualify for more competitive rates and terms than you were originally able to.


manage and repay your student debt sooner

Student loan debt

Your student loans will hang around until you pay them off or kick the bucket — not even bankruptcy will wipe them out. If you’re struggling to pay back your federal student loans, you may want to sign up for an income-based repayment plan that comes with lower monthly payments. You could also be eligible for certain forgiveness programs depending on your repayment plan or field of work.

To ease the burden of high-interest private student loans, you might want to consider refinancing. Like car loan refinancing, you essentially take out a new loan with more competitive rates or flexible terms. This can help you save on interest or lower your monthly repayment by spreading your loan out over a longer period.


personal loans are convenient but can result in a debt trap

Personal loan debt

A personal loan can be a convenient solution when you have a large expense crop up, but it can get expensive — especially if you opted for a seven-year term or have a high APR. If repayments have become difficult to manage and you’re worried you might default, reach out to your lender as soon as possible. It may be willing to work with you to adjust your loan term to lower your monthly repayments.

If your personal financial situation has improved since first taking out your personal loan, another option is to refinance or consolidate your debt. You may be able to qualify for a lower rate or more competitive terms to make repayments more manageable. If neither of these options seem feasible, you may want to reach out to a credit counselor to help you get your finances back on track.


HIA new home sales slow in February

Mortgage debt

Buying your first home is an exciting time, but it can quickly turn sour if you can’t keep up with your mortgage repayments. The most obvious solution is to refinance your mortgage with a different lender. Since the housing market fluctuates so drastically, you may be able to qualify for more competitive rates or terms than when you first took out your home loan.

How-to guides to help repay your mortgage

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