4 Tips to Tackle Your Midyear Debt
"The summer months are a great time for you to reevaluate your financial resolutions from January and recommit to practicing smart financial habits that can lead to living with less debt," says Julie Springer, a consumer education director at TransUnion. "Giving your credit health a midyear checkup can identify areas to work on -- and also allow you to celebrate the progress you have made during the first half of 2013."
To lower your personal debt levels, here's what TransUnion advises:
Break out your calculator. TransUnion advises calculating how much you usually spend paying each debt and how much interest that debt collects per month. "If you have available cash after paying all your monthly minimums, determine which debts need to be paid down first," the firm says. "For example, pay down credit card debt and any other high-interest rate loans or high annual fees first."
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