Staying within your budget and true to your convictions to pay off debt can be difficult, but Fairway has outlined some simple and effective ways to delete debt and move toward a stronger, more financially stable future.
While over the past four years, Americas household debt has fallen by $833 billion, many Americans still do not have enough savings to cover just three months worth of expenses. Spare cash can be hard to come by and school loans, car debt, and credit card debt are common significant impediments to reaching your financial goals.
In this economy, it can be more than challenging to have enough money for daily necessities let alone putting money aside for that emergency savings fund you’ve been neglecting, but there are too many good reasons on why you should be working to save up!
It is important to prioritize the way that you are paying off debt. For example, carrying a long-term mortgage might be helping you save money for retirement, build a college fund, or even allow you to create an emergency fund. In those situations, your home mortgage loan debt is not bad debt to have. You likely also have some installment loans like student loans and car loans. While student loans paid for your education, they are unfortunately still debt and it is important to rid of these quickly as possible. However, having that “peace of mind” of knowing that you can afford any type of financial emergency is reason enough to work hard on budgeting and saving your money for that ‘rainy day’ cushion or even just future plans.
At Fairway, we make planning for your mortgage simple and clearly explain your options to you. We will pull your credit, discuss your report and your options and help you make the best choices based on your budget and the debt you have. You can trust Fairway to help you understand how debt factors into buying and to help you every step of the way.