3 steps to immediately cut down debt
Financial expert Nicole Lapin share 3 steps to immediately start cutting down your debt including "the ladder method" of making payments,
Transcript
[MUSIC PLAYING] I'm Nicole Lapin, your financial expert with some tips on how to make the most of your money.
Here are three simple ways you can cut debt instantly. Stop borrowing money.
Yeah, that seems obvious. But if you're serious about eliminating debt, you have to stop borrowing money to fund your lifestyle.
That means taking a long, hard look at your income and your expenses and using that information
to create a realistic spending plan. Try laddering. So you have a pile of debt and are unsure where to start.
Try the laddering method. Start by paying off your debt with the highest interest rate first. Then move on to the debt with the next highest interest
rate and so on and so forth. This ensures that you're strategically paying the least amount in interest possible on your existing debt.
Let go of the debt-related shame, anger, and fear. It's normal to feel unhappy about your debt.
But don't let shame, anger, or fear prevent you from taking steps to get that situation under control.
Negative feelings can paralyze you when what you need to do is take action. Change your mindset, and your finances will follow.
How fit are your finances? Take the free money fit assessment at sharecare.com for a personalized
healthy habits
Browse videos by topic categories
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
ALL