What is Medium-interest Debt?
Medium-interest debt typically has interest rates in the mid to high single digits (e.g. perhaps 4% - 9%). Paying down this type of debt is often done with consideration to your other financial [...]
Setup Automatic Minimum Payments for Your Debts
Set up automatic minimum payments to all your debts - either through transfers from a checking or savings account or through automatic bill pay. If you have a credit card that you don’t [...]
Determine the Best Method to Payoff Your Debt
If you have multiple sources of debt, first consider if consolidating multiple debts into one makes sense for you. If you don’t consolidate or still have multiple sources after a partial debt consolidation, [...]
Pay Off High-interest Debt
If you have paid off all your debt that has double digit interest rates (or something close to it, like 8 or 9%) mark this task complete! Getting out of the debt cycle [...]
Setup an Extra Payment for Your Highest Priority Debt
For the high-interest debt you have decided to pay off first, do one of the following: Increase your already set up minimum payment up to the total amount you can afford. Set up [...]
Track Your Progress with Cashflow Goals
The MoneySwell Cashflow Goals tool can be a helpful tool to help you track your debt payoff. Review the steps to take in each of the tabs (Plan, Update, Review) to understand how [...]
Apply for Loan or New Line of Credit
Taking out a loan or line of credit always results in a "hard inquiry" on your credit. Hard inquiries negatively affect your credit score but only for a short period of time. Taking [...]
Compare Loan & Card Offers
Review the links below for options relating to different types of debt you may be looking to consolidate. Crunch a few numbers using the recommended calculator; they're not hard to use and may [...]
Crunch Your Numbers
Using a debt payoff calculator can help you determine if debt consolidation is a good idea for your circumstances. Don't include debts you pay off every month in your calculation - e.g. a [...]
How to Consolidate Credit Card Debt
Credit card debt consolidation takes revolving balances from multiple cards and puts them into a single loan or line of credit. It should have a lower average interest rate (which saves you money), [...]
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