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A12 BUSINESS
Monday 3 october 2022

In Your Debt: 3 steps to lower the cost

of your debt

By SARA RATHNER of Nerd-
Wallet
Does the thought of deal-
ing with your debt make
you want to go back to
bed? More than 1 in 5
Americans (22%) are likely
to put off creating a debt
payoff plan, according to
a June 2022 survey from
NerdWallet conducted on-
line by The Harris Poll.
That’s a lot of procrastina-
tion, and it’s no wonder
why. Facing your debt isn’t This Aug. 11, 2019 file photo shows Visa credit cards in New
exactly a fun way to spend Orleans.
an hour. Still, there are ac- Associated Press
tions you can take that will
make getting out of debt step is understanding how longer time. If you can shift
feel more attainable. And you got here. When Valerie your spending even slightly,
there are ways to lower Rivera, a certified finan- you may be able to afford
interest payments, which cial planner and founder bigger payments.
will save you money as you of FirstGen Wealth in Chi- If you have $10,000 in credit
work toward paying down cago, works with clients, card debt at a 17% inter-
your balance. she helps them go through est rate and you pay $150
“We see debt as, ‘Oh my credit card statements to per month toward your
god, I screwed up.’ That is categorize purchases and balance, it’ll take 17 years
baloney in all caps,” says look for spending patterns. (and cost $20,820 in inter-
Kate Mielitz, an Olympia, That makes it easier to cre- est) until you’re debt-free.
Washington-based ac- ate a new spending plan That’s assuming you don’t
credited financial coun- that leaves room for debt add to your debt balance
selor with a doctorate in repayment. during that time. But if you
personal financial plan- Here’s why this part is es- were able to double your
ning. “Americans struggle sential: It takes you out of monthly payment to $300,
to pay back debt, struggle autopilot. You may have you’d spend $3,629 in inter-
to save and struggle to do been making minimum est and get out of debt in
the things we know are the payments on your debts about four years.
right thing. We just have to because that’s what you “If you have debt, you’re
say, ‘OK, that was yester- felt you could handle. And normal. It is possible to get
day. What can I do to take while that approach does out of it and to face it,”
one step today?’” allow you to avoid late Rivera says. “The number-
1. FORGIVE YOURSELF FIRST, fees and knocks to your one thing is to face it and
THEN MAKE A PLAN credit scores, it’ll keep you give yourself grace in the
The first and most difficult trapped in debt for a much process.”q

Safety deposit boxes headed toward

extinction at Chase

By KEN SWEET
AP Business Writer
NEW YORK (AP) — You’ll no longer be able
to store your precious coins, jewelry and
paperwork at JPMorgan Chase & Co., as
the bank has stopped opening new safety
deposit boxes for customers.
A spokesman for the bank said Chase de-
cided late last year to stop offering new
deposit boxes to customers as a “business The JPMorgan Chase & Co. logo is displayed
decision” but declined to share specifics. at their headquarters in New York on Oct. 21,
Customers who have a box with Chase 2013. Associated Press
will be able to keep the box as long as the
branch stays open, but they will not be tomers may not enter a bank branch for
able to open a new one at another loca- months at a time, most branches are now
tion. designed to be small, with multiple ATMs,
Banks long stopped opening up cavern- as well as breakout spaces so bankers can
ous branches with dozens of teller windows one-on-one interactions with customers
and a vault the size of a one-bedroom when needed. Chase’s newest branches
apartment. Reflecting the fact that cus- have not vaults for some time.q