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It’s as good a time as any to talk about debt. It’s the side of money that’s polarizing and popular at the same time. If you aren’t careful with it though, you can easily end up on the dark side of debt.
Saving by paying down debt is the theme for this week which is the last week of Military Saves Month 2020.
In this show, I’m going to give you the down-low on debt. What you should know and do about debt. Plus some tips to handle it so you can start saving more money and build up your wealth.
Thank you to the Association of Military Banks of America for supporting The Military Money Show. You can learn more about AMBA and how they help the military community in banking here.
Powerpay is a resource developed by Utah State University Extension that helps you create a self-directed debt repayment plan. The program allows you to figure out how quickly you can get out of debt and how much you can save in interest.
Unbury.me is a loan calculator that helps you pay off debt with the least amount of interest.
Servicemembers Civil Relief Act (SCRA)
You might be able to get the interest rates on your credit cards and mortgage reduced under the SCRA. Go to your nearest installation legal services office for help and to see if you qualify.
The National Foundation for Credit Counseling or NFCC offers credit and debt consolidation counseling.
You can use the Debt Elimination Calculator on Military OneSource members to compare different repayment methods to see which one is the best for you. Here you can find the Debt Elimination Calculator plus other personal finance calculators Military OneSource provides.
Installation Financial Counselors
You can always go see a free financial counselor on base to get individualized advice on getting out of debt. They can also defer you to local tools and resources that help you save more money. you can find more details about getting free financial help here.
Money Mindset Show
If you haven’t listened to it before, now might be a great time to listen to episode 32 on building a powerful money mindset. It can help you get in the right state of mind for ditching debt. I’ll put the link in the show notes.
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