The panic begins this month for a lot of people once the post Christmas bills begin to come in.
Senior Advisor at Maisey Financial Services John Maisey says this might be the perfect time to consider looking at your overall financial picture.
He says, “What we encourage people to do is sit down and get a good handle on their overall household debt, not just the bills that are coming in. Sit with an Advisor to walk through what needs to be done to conquer that mountain.”
He says you should sit down and take a look at where the debts are and what the interest rates are. Move some of the debt to lower interest rates, if you are able, and then focus on paying down the higher rate first.
Maisey says if you are just making minimum payments on your credit cards, there’s something helpful on your bill, that might deter you from doing that. It’s mandatory for the credit card companies to put on your bill how long it will take to pay your bill off if you are just making the minimum payments, and in many cases it is 80 or 90 years because of the high interest payments.
