Newsletter - How to set up a debt payoff plan and stick to it

This is your Newsletter. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ [LPB]( [LPL]( [LetmePayday Newsletter]( You Might Like     [Learn more about Jeeng](  [How to set up a debt payoff plan and stick to it]( [How to set up a debt payoff plan and stick to it]( A debt payoff plan takes a comprehensive look at all the debt you owe and organizes it into a structured, consistent routine to pay it all off. Because debt can be overwhelming, a successful payoff plan transfers it to manageable steps. The plan will consider all of your debts, your income, and your monthly budget. The end goal of a plan to pay off debt is to make sure you have a financially secure future. Living in debt means you’re less likely to be able to purchase things you want or even live with the quality of life that you desire. Once you pay it off, you’re giving yourself the freedom to choose how money affects your life rather than letting it control your well-being. What are the types of debt payoff plans? There are several different debt payoffs plans you can consider. While you can also get a debt consolidation loan, these are strategies to consider if they work for you. Debt snowball The debt snowball strategy is where you pay off your smallest debts first. Once you’ve paid off your smallest debt completely, you apply for the payments you previously made toward it to pay the next smallest debt. This allows you to build momentum or “snowball” your payments as you pay off each debt. If you’d like to stay motivated with your debt payoff journey and like to celebrate milestones, the debt snowball may be a good option. [[icon] Read MoreÂ](  [Get the money you need](  [3 Reasons to Pass on a Personal Loan This Year]( [3 Reasons to Pass on a Personal Loan This Year]( It may not be the ideal time to borrow. Key points - A personal loan offers you lots of flexibility as a borrower.  - Although personal loan rates are often competitive, you may want to go a different route right now — or avoid borrowing altogether. There’s a reason so many borrowers are drawn to personal loans. A personal loan lets you borrow money for any purpose, so if you don’t want to be restricted in how you use your loan proceeds, it’s a good bet. Plus, you might manage to snag a relatively affordable borrowing rate on a personal loan. This especially applies if you have great credit. But while personal loans certainly have their perks, now may not be the ideal time to take one out. Here are a few reasons to say no to a personal loan during the latter part of 2022. 1. Borrowing rates are higher You’ll generally get a much lower interest rate on the sum you borrow with a personal loan than you will with a credit card. That said, the Federal Reserve has been aggressively hiking up interest rates in an effort to slow the pace of inflation. As such, the interest rate you get on a personal loan today may be much higher than what you would’ve gotten at this time last year. [[icon] Read MoreÂ](  You Might Like     [Learn more about Jeeng]( Connect with LetmePayday on Social Media Pages [Facebook]( [Linkedin](    [Unsubscribe](