Rho Zeta Omega Chapter. Paying Off High- Interest Debtby Gina Wilson Over the years, debt has become a major issue that needs to be addressed. From credit cards to student loans, debt has become the norm in society. Most Americans have some type of debt that includes credit cards, student loans, auto and recreational vehicle loans, personal loans and/or a mortgage or home loan. It is rare to find someone who does not have any type of debt. According to USDebt.

Clock. org, the United States seems to loves debt. This month alone, the US Debt Clock reflected the U. S. was $1. 9. 9 trillion dollars in debt which is rising by the second.

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Getting into debt is very easy to achieve, however getting out of debt can be extremely difficult. Before discussing how to pay off high interest debt, let’s look at some 2. Value Penguin. American Credit Card Debt Statistics & Key Findings - Updated May 2. Average American Household Debt: $5,7.

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Average for balance- carrying households: $1. Total Outstanding U. S. Consumer Debt: $3. Total revolving (Credit Card) debt: $9. Household that carry some sort of credit card debt: 3. Households with the lowest net worth (zero or negative) hold an average of $1. The Northeast and West Coast hold the highest average credit card debt – both averaging over $8,0.

Credit card debt appears to peak for individuals who are between 4. Research from Value Penguin article 1. If getting out of debt was easy, everyone would be out of debt. To get out of the debt cycle, you will need to have a change of mind and behavior. Once you have made a conscience decision that you want to get out of debt, you are half way there. Let’s look at a few things to consider when reducing or eliminating debt.

First you must have a written goal of the amount you desire to payoff and a specific date. There are several methods that can be used to pay off high interest debts, but you must choose the one that works best for you. Some experts suggest you pay off the smaller debts first. REMEMBER: If you are paying any interest on loans or credit cards, you are paying too much! The most effective way to begin is by reviewing your budget to determine your debt balances and the APR (or interest) you are currently paying.

APR is the Annual Percentage Rate and is known as another term used for “interest paid over time”. I recommend creating an excel spreadsheet to include all of your credit cards, student loans, auto and personal loans and even your mortgage (if applicable). The spreadsheet should include the creditors name, due date, APR (or interest rate), current balances and minimum payment due. This information can be found online or by reviewing your recent statement. If this information is unavailable, you can call the creditor to confirm this information over the phone. When paying off credit card debt, make more than the minimum payment. Any additional payment amount above the minimum payment will be applied towards your outstanding balance.

Every little bit helps. Let’s look at three methods you can use to pay off debt. They are paying off debt over time, transferring balances and possibly a cash out refinance. Pay off Debts over time. Once you evaluate your bills and determine the highest interest rate or APR, begin paying off the smallest balance with the highest interest rate first.

Once the bill is paid off, take the minimum payment that you use to make on the paid off bill, and apply it towards the next appointed bill to be paid in full. Once the second bill is paid in full, take the third appointed bill and apply the minimum payments from the first and second bills (which are now paid off) and apply those previous payments towards the third bill until it is paid in full. Continue this method until all of your bills are paid off. Once you experience the thrill of the first bill being paid off, you will become excited and motivated to payoff more bills. Remember when paying off credit cards, always make more than the minimum payment and make the payment on or before the due date.

Any additional payment amount above the minimum payment, will be applied towards your outstanding balance. If you are late, the late fee may overtake or cancel the minimum payment causing your balance to possibly increase. Late payments may also cause your APR or interest rate to increase. Transfer Balances. Many banks and financial institutions offer Zero percent interest rate on their credit cards for 6- 1. This is an excellent method if you qualify for this promotional offer. Uc Berkeley Employee Credit Union.

The offer allows you to transfer your current high interest balances from one (or multiple) credit cards with balances to the Zero percent interest rate card. With these offers, be careful to read the fine print regarding additional purchases on the same card that was used for the balance transfer. Often times, the purchases on the balance transfer card will be calculated on a different rate than the Zero percent.

This is call mixed rates. For example, purchases made on the same card may have a 1. Purchase APR, while the Zero percent promotional rate in effect is for the balance transfer amount. Once the promotional offer at Zero percent is over, the interest rate will increase. You may then see the purchase rate at an 1. APR and the promotional rate increase to 2.

Additionally, avoid making late payments as this may jeopardize (or cause you to lose) your Zero percent interest during the promotional period. It is not uncommon for credit card companies to increase or raise your interest rate due to late payments. Again, please read the fine print. Cash Out Refinance.

If you have owned a home for a while, you may have equity in the home. If so, you may be eligible for a Cash Out Refinance with your lender.

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If you have enough equity, and if the numbers make sense, this could be an option to look into. If feasible, this will allow you to leverage the equity in your home to save the monthly interest and payments on the credit cards or loans. It may also provide you a tax write off as some of the interest may be tax deductible. HOWEVER, please refer to your tax professional. If you choose to refinance your debt in the mortgage, beware not to charge the credit card balance back up again. If you choose this method, it is strongly suggested that you have a game plan or strategy of how to stay out of debt. For example, you may want to cut up all credit cards except one and only use it for emergency purposes.

As you can see, this method does require self- discipline. In review, there are many options to consider when paying off high interest debt.

Before making the decision, think of strategies that will best fit your situation, check with a tax professional, understand the program before agreeing to any changes and always make your payments on time. Set the goals, write them down and become debt free from high interest debt.

You can do it. Best of luck! Gina Wilson. Mortgage Steps. HUD Certified Counselor.