MAKING SENSE – AND CENTS
Debt repayment is sometimes a huge mountain
to climb. Have high interest credit cards? Did you
know that you can transfer the balance of that high
interest credit card to a new credit card, often times
with little to no interest and a nominal fee? Check
that out, it may save you hundreds of dollars. There
are several online resources you can use to find
the right credit card for you. In most cases, you
can even apply and input your balance transfer
information right there. Starting out with student
loans, remember they were worth it. I promise
you’ll thank your parents later when they still have
money to retire and aren’t living in your basement.
The key word to any debt is consolidation. You can
consolidate your student loans into one payment.
This will help you chip away at the principal faster.
Have a 30 year mortgage? Keep in mind that
you’re not tied to that mortgage for 30 years, you
can refinance to take advantage of lower rates.
Another great advantage to home ownership is
the ability to access your home’s equity to, here it
is again, consolidate debt.
To sum all of this up, it is up to you to determine
which route makes you feel better and be able to
sleep at night. Unfortunately finances are not all
dollars and cents, it is mostly behavioral. While
we all want to all be debt free and have plenty of
savings, we must first take the small steps that will
lead to greater strides. I encourage you to sit down
and take a hard look at everything to determine
what is best for you. No one else can plan for
your future but you. Still have questions or need
some guidance? You can check out the resources
available on our website www.AxiomFSG.com or
contact me for more information.
Wells Fargo Advisors is not a tax or legal advisor.
Any estate plan should be reviewed by an attorney
who specializes in estate planning and is licensed
to practice law in your state.
This article was written by and provided courtesy
of Michelle Konkle, CFP®, Financial Consultant
with Axiom Financial Strategies Group of Wells
Fargo Advisors in New Albany, IN. She can be
reached via email at michelle.konkle@wfadvisors
or phone at (812) 948-8475. Visit our website at
www.AxiomFSG.com.
Wells Fargo Advisors is a trade name used by
Wells Fargo Clearing Services, LLC. Member SIPC.
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