Are you concerned about debt during times of crisis? You’re not alone. In fact, 59 percent of American credit card holders entered the coronavirus pandemic carrying credit card debt. The good news is that there’s still a way out and you can do it! Get a handle on debt with these helpful tips you can try without leaving your home.
Buy as Necessary
Charging everything to a credit card may seem convenient, but it’s also an easy way to fall deeper into debt. Try buying as necessary, and avoid panic-charging purchases that are more than what you and your family need.
Panic buying and supply hoarding have become an enormous problem recently. Make wise decisions when you need to make a purchase and plan ahead. When you buy as necessary, you avoid the risk of overcharging your credit cards while simultaneously reducing the stress on supply chains.
Track Your Spending
Times may be turbulent, but setting a budget and staying on top of your spending habits is the best practice to avoid falling deeper into debt. If you track your spending, it’s easier to stick to your budget and avoid leaning on your credit cards. It can also help you put your purchases into perspective. Is your next purchase really necessary or can it wait?
Tracking your spending can also help you identify any auto-payments you’ve forgotten about. Streaming services and other monthly memberships are notorious for falling into this category. Knowing where your money is going is an essential step toward debt management!
Reduce Interest Payments
Credit cards are a weak safety net. Relying on credit to stay afloat only creates an illusion of relief. This strategy quickly leads to even bigger monthly payments that you may not be prepared to handle in the long-run.
Reduce the strain on your monthly budget by lowering the amount you’re spending on interest from credit cards. A low-interest debt consolidation loan is an effective way to pay off your high-interest credit cards while lowering your monthly bills. It’s not too late to take control even in times of crisis or financial uncertainty.
Talk to Lendah
Lendah can find a debt consolidation loan that works for you. The process is easy and simple with just one application. We offer fast approvals, often within a day! Lendah finds the best terms and results tailored to you, with low rates starting as low as 3.84% and pre-approval for up to $100,000 from more than 30 lenders. Best of all you won’t be penalized for paying off your loans early!
Remember, if you need help finding a lender, just ask for Lendah! Our loan matchmakers make debt consolidation simple.
Get started today on our website. Prefer to talk in person? Call us at 833-453-6324 and we’ll get you connected immediately with one of our loan experts.