Good Financial Reads: Tackling Debt

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Catch up on some of the latest posts with this week's roundup:

Should I Do a Balance Transfer?

by Andrew Damcevski, TruWealth Planning

Great question! You can probably save some money if you can qualify! Balance transfers are an awesome way to get a better handle on your credit card debt. Debt sucks, but if you’ve got it you might as well make it suck less! A balance transfer is basically paying off your high interest rate credit card debt with another credit card with a low (hopefully 0%) interest rate. You can save some serious coin doing this!

Now, the credit card companies are nice to let you do this, but they still have a few tricks up their sleeves. Be prepared to pay a fee for transferring a balance. The fee will be a percentage of the balance, typically around 3%. So, if you’re transferring $4,000 you’ll pay a fee of $120 right away. This fee can get expensive and could deter you from a balance transfer if you’re short on cash. Which according to Forbes, is a lot of people!

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4 Simple Steps To Help You Pay Down Debt Quicker

by Jared Paul, Capable Wealth

Debt is a common theme for most people. Most of us are living with that weight on our shoulders (or shackle on our ankles is how I like to think of it) and would love to get rid of it.

The problem is that most of us don’t have a plan for how we will pay down our debt. If you’re like most people, you just pay your monthly minimum payments and then perhaps haphazardly throw some extra money at it every once in a while.

I know that’s what I used to do when I was just out of college.

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Debt Is Not Forever

by Many XYPN Advisors

XY Planning Network is thrilled to join the #DebtIsNotForever campaign from personal finance blogger Jackie of The Debt Myth. We're all about spreading financial education -- and empowerment.

To do so, we asked 6 XYPN advisors to share their best tips and strategies for dealing with debt. Because debt is not forever, and you can reach debt freedom! Use advice and ideas from our financial professionals to get started and make 2015 the year you tackle your debt once an for all.

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7 Steps to Creating a Debt Repayment Plan

Being in debt is a difficult situation for anyone. It can leave you feeling overwhelmed and unsure of where (or how) to start digging out of that financial hole. Debt can occur for a variety of different reasons -- and sometimes unexpectedly -- if you're not financially prepared.

If you're in debt and feeling lost on how to start paying back the money you owe, use these 7 steps to create a debt repayment plan that works for you.

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