First Bank of the Lake: 5 Tips for Paying Off Your Debt in 2018

Most of us in our adult lives have some sort of debt, whether it be credit card debt, student loans, mortgage debt, etc. Having a ton of debt and feeling like you are never going to be able to pay it off is no good. All you need is a plan of action! Why not make paying off your debt a goal in 2018? Our bank at the Lake of the Ozarks is here to give you 5 tips for paying off your debt in 2018.

5 Tips for Paying Off Your Debt in 2018

Debt Paying Tip # 1
Sell things that you can afford to go without.
It is quite possible that you have things lying around the house that you don’t even use, which can bring in a substantial amount of money in for you. For example, consider selling your old cell phones or that older laptop you don’t use anymore. You could also try selling old DVD’s you never watch or clothes you never wear. Why keep these things around anymore if you don’t use them?

Debt Paying Tip # 2
Don't spend your tax refund on items you don't need, use it to help pay off your debt!
While it’s tempting to use your tax refund for frivolous items, it can be better used to help pay off some of the debt you have.

Debt Paying Tip # 3
Pay your monthly balances on time.
Avoid late fees by paying your balances on time. You don’t want to add more to the debt you currently have.

Debt Paying Tip # 4
Avoid frivolous expenditures.
How often do you go out for coffee or out to eat? How often do you buy a brand new wardrobe just because you felt like it? Are those things absolutely necessary? Save your money by not spending it on frivolous expenditures and use it to help pay off your debt.

Debt Paying Tip # 5
Consider getting a 2nd job or working more hours.
While getting a 2nd job or working more hours may not sound like much fun, it can be a great way to help get your debt paid off quicker so you don’t have to worry about it anymore.

Need a Bank You Can Trust with Your Money That's Being Used to Pay Off Your Debt?

First Bank of the Lake has you covered. We are a local bank and trusting your money to a local business helps grow your community. We work in the best interest of our customers, not the other way around. We don't try to sell you on something you don't need. Our bank in Osage Beach will evaluate your request and make banking product suggestions with compassion. Stop by and visit us or call our phone number listed below for more information.

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