Tackling Debt with Confidence

< Back to all articles

Debt. You might think you are the only person facing it, but you’re not alone. Debt can be downright scary. For most of us, debt is something that comes with being an adult. When properly managed, debt can be necessary like having a car loan or a mortgage.

We are all guilty of tapping our cards and clicking buy now for purchases we end up regretting. Instead of dwelling on past purchases, let’s focus on tackling debt with confidence.

You asked and we answered! Here are a few questions to help you handle your relationship with debt.

How can I work with my financial institution to tackle my debt?

To help manage your debt, get in contact with your local credit union to get personalized honestly refreshing advice. Consider looking at rate reductions and balance transfers to lower interest rates, or lower your credit card limit to reduce spending. You can also have a conversation with your local credit union for some helpful tips on consolidation loans. They're a smart move to cut down on your monthly payments and simplify everything into one easy-to-manage bundle.

Why is organization important when dealing with debt?

Having your debt in multiple places can be very overwhelming, so it’s crucial to get organized by navigating your bills like a pro. Keeping your bills and debt payments together will make paying expenses easier.

Set up a budget and a game plan to stay on top of your payments. Consider talking to an expert about consolidating your debts to simplify your repayment process.

How can I create a budget that works for me?

Keep your budget simple and find a system that suits your lifestyle. Once you have created a budget, test it. Write down your expenses, check them off as you pay them, and regularly review and adjust your budget as needed.

To get comfortable with your debt keep track of your budget and your finances as much as possible.

Is it normal to be in debt?

Yes, debt is completely normal. Almost everyone finds themselves in some form of debt, so there’s no need to feel ashamed or embarrassed.

Let’s be realistic, it didn’t take you a month to get into debt, therefore it is going to take you more than a month to get out of it. Start by focusing on creating a plan or seeking advice from a credit union financial advisor to hustle towards becoming debt-free.

This article was inspired by Marlene Foote & Sarah Kelly’s breakout session “Tackling Debt with Confidence” from the Investing in You Women’s Conference.