Randy Eschels photo
Garett Eschels photo

 

Randy Eschels, CLU, ChFC, CFP®

 

Garett Eschels

 

 

Eschels Financial Group, Inc.

555 S Old Woodward Avenue, Suite 612

Birmingham, MI 48009

 

Phone:  248-644-1144

             800-969-9990

Fax:      248-644-7820

 

randy@eschelsfinancial.net

garett@eschelsfinancial.net

www.efg-ida.com

May/June 2022

Pay Off, Not Down

Pay Off Not Down

U.S. consumer debt—including money owed on credit cards and student and auto loans — reached $4.37 trillion in September 2021, according to the Federal Reserve. If you’re carrying balances on high-interest credit cards, choose one of these strategies to get out of debt.

Pay off the card with the highest interest rate or the largest balance.
Pay as much as you can toward one card, while paying the minimum on your other cards. When the first card is paid off, put the same amount toward the card with the next highest rate/ biggest balance.


Pay off cards with low balances first.
Eliminating several small balances may give you a psychological boost and help you continue the momentum with your higher balance cards.

Consolidate debt.
A debt consolidation loan allows you to pay off your cards and have a single monthly payment, often at a lower interest rate.


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Securities offered through Concourse Financial Group Securities, Inc. (CFGS), Member FINRA/SIPC. Advisory services offered through Concourse Financial Group Advisors, a DBA for CFGS, a Registered Investment Advisor. Eschels Financial Group, Inc. is independent of CFGS.
Eschels Financial Group, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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