What’s the single biggest obstacle to building wealth? Debt.
Think about the advertisements you see from retailers promising instant gratification with no money down. Credit used the proper way can be beneficial, but if your goal is to be financially secure, you’ll likely need to take a hard-line stance against debt.
As you limit your purchases to only the most essential items, vow to pay off credit card bills in full every month in a timely fashion. You don’t need interest charges and late fees eating away at your financial foundation.
PrimeWay Federal Credit Union offers products and services to control debt. Our automatic bill-pay function will transfer money for bills instantaneously so you’re not tempted to rack up more debt while making only partial payments. Automatic transfers also can be made into our savings and investment products so that your money can grow rather than wither quickly.
Learn how to control your debt and take greater control over your personal finances.
A major factor in piling up debt instead of wealth is the emotional response to advertising known as impulse buying. Train yourself to view potential purchases with an eye toward the purchase’s future impact.
You’ve made some financial choices that are costing you a lot of money right now. Those credit card purchases that seemed like a good idea at the time are less attractive because it’s taken a long time to pay them off in full. Interest has accrued and maybe some late fees have been tacked on.
It’s time to rein in your credit card use so your money is building toward your future, not your past. Use the calculators and coaching modules on this page to help tackle your debt and move forward.
Reaching out for help with your debt is a brave move. Here are some debt-reduction tips to consider: