Is debt blocking your path to financial victory? It’s time to put your shields up and protect your financial future. You can arm yourself with financial tools, choose the right budgeting strategy, battle debt and advance your financial position.

Here’s your battle plan to rally your forces, crush debt and reclaim your ground.

• Survey the battlefield. List all debts, including their balances, interest rates and minimum payments. Knowing the size and strength of your opponent is the first step toward defeating it.
• Arm yourself. Your budget is your armor. Use it to determine how much firepower (cash) you have and how much can allocate to your debt each month. Lock down your supply lines by refusing to take on new debt — you don’t want to send reinforcements to the enemy.
• Choose your attack strategy. Pick the strategy you want to use:
• Snowball Strategy — Wipe out the smallest enemy (lowest balance) first. Quick wins build momentum.
• Avalanche Strategy — Strike the highest-interest rate threat first. You weaken the enemy’s strongest weapon.
• Monitor the front lines. Carefully review your budget and spending so you can monitor your progress and make adjustments if needed. You’re the commander watching the front lines.
• Celebrate wins. Each month, watch the enemy retreat — proof that your strategy is working. It’s not an easy process, but victory awaits.

Do you need reinforcements?

Contact a Financial Educator at [email protected] for assistance