Page 30 - February 2017

Tips for managing and tackling debt
While carrying various kinds of debt is common, the true cost is more than just the in- terest you’ll have to repay. Debt can also make
cards will help or hurt your situation. Depending on your total available credit and how much debt you’re carrying on other cards, closing an account can hurt your score.
Strategies for tackling debt
One way to get out of debt is using the “debt
snowball” method, which involves paying off each loan or credit card from smallest to largest. By knocking out the smaller debts first, you build mo-
MIKE COYNE
more challenging to achieve milestones m
like buying a house.
Review your credit reports
Knowing your credit score and see- ing what’s on your credit reports are the first steps in taking control of your
i
i
t
t
finances. Many credit card companies will provide
you with your credit score for free if you have an account with them. And you can get a free credit report from each of the three credit reporting companies every 12 months through AnnualCreditReport.com. If you find something incorrect on any of your reports, contact the appropriate lender to get it straightened out.
Improve your credit
If you discover that your score and your report are less than favorable, there are ways you can rebuild your credit. Paying overdue bills immediately, asking creditors to remove negative information, paying down debt and using your credit cards less often or not at all can help. And evaluate whether canceling any old or unused credit
from highest to lowest.
You’ll pay less in interest and become debt-free soon-
er. Other debt management tips include tracking every penny you spend, celebrating small milestones and visu- alizing your financial goals to help you reach them.
If you are considering buying or refinancing an invest- ment property, please feel free to reach out to me to dis- cuss our available financing options. Blueleaf is uniquely positioned to offer loan programs for 1–4 family invest- ment properties as well as loan programs for all types of commercial property. Call me today if you would like to discuss. d
FOP Finance
Rep t
mentum and win small victories until you’ve paid everything off. Another option, the “debt avalanche” method, suggests tackling debt in order of interest rate
30 CHICAGO LODGE 7 ■ FEBRUARY 2017