Consider Your Options for Debt Counseling
Wall Street Journal describes four things to consider if you must go in debt.
Step 1: Cut Your Budget to Necessities
Senior financial planner Nick Holeman at robo-adviser Bettermat recommends, instead of opening a new credit card, consider stopping payments or contributions to 401(k)s or 529 accounts.
Step 2: Talk to Someone
Prof. McCoy suggests to look into resources that offer free consultations before taking on debt.
Step 3: Look at Your Loan Options
Ideally rely on a low-interest credit card, or Prof. McCoy Recommends for bigger loans and personal loans it is recommended to look at options from local credit unions. Credit Union 1 offers a wide variety of loan options designed to fit your needs.
Step 4: Make a Plan—for Repayment and for the Future
Prof. Cherry recommends calculating that time in advance of taking on any new debt. Look at the calendar and make a plan for how long you will rely on any debt and how long you will need to pay it off.
Click here to read the full article from Wall Street Journal
Consider Your Debt Options