These tips can help you get out of debt in 2017

It’s 2017, and that means it’s time to look at your credit card debt once again. The start of a new year is a good time to look into your budget and how you can pay down debts that may have held you back in the past. Credit card debts aren’t cheap, and paying them down can help you get out of debt and into a place of financial security. Here are a few helpful tips for paying off your unsecured debts.

Try saving a little extra each month, so you can make a slightly larger payment. Even if it’s only $10, the extra money going to the principle adds up. The faster you pay off a card, the less interest you’ll have to pay in total.

To know how much you can spend, you need to work on a budget. Prioritize your necessities, like rent, food and utilities, before you budget money out for non-necessities like going out or eating at a restaurant. Once you know how much money you have going in and out each month, it’s easier to tackle the debts you have.

A good way to get out of a bad interest rate is to transfer the credit card’s balance to a zero-interest card. Many times, new cards offer you a 0 percent interest rate for the first year or longer. Use this to your benefit and transfer your debt. Pay it off within the allotted time, and you could save yourself tens, hundreds or thousands of dollars in interest.

If none of these changes work for you and you’re still in over your head in debt, your attorney may be able to help you negotiate lower payments, repayment plans or help you enter into bankruptcy to get a fresh start.

Source: Yahoo News, “17 Ways to Reduce Credit Card Debt in 2017,” Matt Schulz, Jan. 09, 2017