The pandemic was a stressful time. Even worse, some businesses were forced to shut down, leaving many people without a job. If you lost your employment, you may have incurred a lot of debt just to cover expenses.
If that’s the case, don’t beat yourself up. If you didn’t have substantial funds in savings, going into debt was probably your only option. Fortunately, there are ways to pay that debt off.
Consolidate Your Debts
Priority Plus Financial and similar companies loan individuals enough money to pay off all of their credit card debts. These companies can often loan you money at a lower interest rate than what credit card companies charge. Plus, you have one monthly payment instead of several.
If You Haven’t Already, Create a Budget
List your income sources and then list every one of your debts. Subtract your expenses from your income. If you’re spending more than you make, you need to take a careful look at what you spend money on each month.
There are always ways you can spend less money. You can cook at home instead of eating out or buy a half-gallon of flavored coffee instead of buying it from a coffee shop. …How To Pay Off Debt You Incurred During the Pandemic Read More