Act your wage!

Consumer debts are bank loans. Similar to credit cards, you should list these loans, interest, and terms.

Typically they have much lower interest than credit cards so sometimes it makes sense to get a consolidation loan from the bank to pay off your credit cards.

If you choose to do that then make sure you cut up your credit cards so you are not tempted to max them out again.

You will still want to apply the same snowball payment method where you list all of your loans, the interest, and terms and apply as much as possible to the highest interest loan.

When that is paid off apply that payment plus the regular payments to the next loan. Continue until all of your loans are paid off.

Resist the temptation to take advantage of those attractive offers that come in the mail to borrow money as they may have interest or terms that are appealing but the consequences of default are severe - like losing your home or vehicle. Continue to stick to your budget, live within your means, make sacrifices where you can, and pay down your debt without using credit cards or loans. #money #budget #budgeting #financialfriday #financialfreedom

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