We think about debt differently here at Changed. It's something that doesn't freak us out. It's not the end of the world. It's a problem we're ready to face. And we use all of the tools we have at our exposal to get to our debt-free goals.
No matter what stage of life you're in, being in debt can feel overwhelming. But with the right tools at your fingertips, you can take control of your debt, build a strategy and life a life without debt sooner.
Let's talk about the first few things you can and should do about your debt to #DoDebtDifferently.
1. Get a lay of the land
The first step in your way to conquering your debt is a thorough review of all your debt. Make a comprehensive list of all the money that you owe. This can include credit card debt, student loans, personal loans, auto loans, mortgages, and medical debt. You should record how much money you owe, what your minimum monthly payments are, and what the rates are for each debt. You can use an excel spreadsheet, an app Download Changed Here ;), or pull out the good 'ol notebook to make the list.
2. What's your strategy?
Next, think about what strategy is best for your goals. There are many ways to pay off debt. But in almost everything in life consistency is key. Whether you want to use a snowball method, the avalanche method, the envelope method, consolidation, or just pure willpower and hardcore budgeting, there's something for everyone. The way we think about debt is that it's something that can be tackled without the need to live under a rock and eat rice and beans every day. Be realistic about your debt repayment goals, and you'll be there in no-time. Changed helps pay off your debt in the background by aligning with your natural spending and automating payments based on that spending.
2. Stick to it!
Paying off debt is not a fad, it's not a get-rich-quick scheme, and it's not something that will get done overnight. Hopefully the money you borrowed was a good investment (College, a home, a FANTASTIC vacation), and not something that you regret (the latest TikTok trend, a timeshare in the Siberian jungle, bailing your ex out of jail). Even if it wasn't a good investment, that's ok. Things happen in life. The thing is that now, we're trying to get to a better financial place and want it to happen sooner rather than later. So again, consistency is key!
We're here to help you Do Debt Differently and have a ton of tools to make that happen. You can start with our Know Your Loan courses, Check out how much you can save using our Debt PayOff Calculator, or jump right in and start paying off your debt sooner with the Changed App.