S A U N A I E

S A U N A I E Presents D E B T DON'T LiVE HERE ANYMORE

Quotes: Wake Up With Determination & Go to Sleep with Satisfaction.

2nd: Regret is the thing we should fear most. Failure is an Answer. Rejection is an Answer. Regret is an Eternal Question you will never have the answer to. 

S E G M E N T S: DEBT DON'T LiVE HERE ANYMORE & 8 Tips

- Americans are BURiED in Debt from Mortgages, Credit Cards, Personal Loans, Bills, and Student Loans, and the amount owed in total is on the rise. 

- In 2020, Experian reported that the average American owes approximately $92,727 in Total Debt—that's highest amount on record in the U.S. 

- Members of Generation X owes about $140,643, followed by Baby Boomers ($97,290) and Millennials ($87,448). 

Financial experts often recommend two ways to tackle debt. 

- The "Avalanche" method and the "Snowball" method. 

- An Avalanche approach means you Pay Off your Loans or Credit Cards with the Highest interest Rates First. You throw as much money as you can at them, and pay only the minimum on all your other loans. 

- The Snowball approach has you Tackle the Lowest Amount of Debt First, Pay it Off, and then Tackle the Next Loan.

2ND SEGMENT: Tips On Eliminating Debt

1. F A C E F A C T S

- If you've been trying to make bills vanish by throwing them away unopened, then the 1st step is Accountability. You knew what you signed up for, this isn't your 1st rodeo or maybe it is but avoiding your bills won't make them go away. 

- Clear off your Desk or kitchen table and get out all your Loan Statements, Bills, & Budget—basically everything you can think of that relates to your Finances. Start Adding.

2. R E P A Y M E N T

- Not all Debts are Created Equal. When making Your Plan, You'll need to Establish a Hierarchy among Your Debts & make a Plan Of Attack. Experts say to Target the High-interest Debt 1st; Non-Deductible, Low-interest Debt Next; and Tax-Deductible Debt Last.

3. Get The Damage Report

- Check your credit Score and review your credit report for inaccuracies or patterns of bad behavior. You can get your credit rating the same way lenders, and landlords do—from each of the three credit bureaus - Experian, Equifax, and TransUnion.

4. Gaining Control 

- Get rid of Troublesome Accounts and Pay Down your overall debt on time. Use Automatic Payments & Tighten Up your Budget to get your debt under control.  This will keep your credit rating from getting worse and, over time, will improve it. 

5. Doubling Down

- Whenever possible, Double Up the payments on your highest-interest debt. Although it's not quite as efficient as consolidating, Doubling Up on payments can speed up the payback period. Once you've eliminated the highest-interest debt, double up payments on the next-highest debt. This strategy is called a Debt Avalanche.

H o u s e k e e p i n g

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