Debt is unavoidable for most of us. Whether it's your car loan, education loan or home mortgage, you'll acquire debt along the way. You'll also need to take other debt into consideration — like credit cards and outstanding loans — which can significantly risk your financial well-being.
That's why your number one priority should be getting your debt under control. It may sound overwhelming, but with a clear strategy it's entirely possible.
Debt is a significant problem for many Americans, often resulting in overwhelming anxiety and stress. We understand how difficult debt can be; that's why a debt management consultation is an excellent choice.
What is Debt Management Financial Planning?
Debt management financial planning is a way to negotiate with your creditors to pay all your debts. You can pay your creditors a small amount each month, or you can pay all your debt back within a few months. Either way, an experienced debt management advisor will help you create a plan to reduce your debts and remove your stress.
Which Debt Should I Eliminate First?
There isn't a formula to effortlessly answer this question. It depends on your goals, your current financial situation, your attitude and the types of debt you currently have.
However, partnering with a dedicated Echelon advisor will give you the best strategies required for removing debts and selecting the right debt management plan for you. There's no incorrect way to pay off your debt, but each approach has different benefits.
Most of us are unavoidable for various types of debt, such as home mortgages, car loans, and education loans. Other discretionary debts, such as credit cards or outstanding loans, can risk your Financial Wellness.
Quickly getting elective debt under control should be your No. 1 priority so that you can focus on growing your all-inclusive wealth management plan.
Which debt should I eliminate first?
It would be ideal if a straightforward formula could answer that question, but it isn't relatively that easy. It all depends on your financial goals, attitude, and the types of debt you have. Partnering with your dedicated Echelon advisor will provide you with the strategies for removing debts and how to select the one that's right for you.
In the end, there's no wrong way to pay off your debt, but different strategies have different pros and cons.