Getting Out of Debt
May 20, 2022
Managing debt is the best way to find financial freedom. In today’s Coach session, you will interact with a virtual Debt Coach, which will provide useful strategies to manage your personal debt situation and create a plan to pay off your debts using the debt snowball or avalanche methods.
What is a Virtual Debt Coach?
Movement Bank partners with Banzai, an organization that offers virtual tools and resources to help families plan for financial freedom. The virtual debt coach is a powerful expert that can help you explore your finances, specifically with the goal of getting out of debt. Think of this Virtual Coach session as having a conversation with a virtual financial advisor that will inform you of the strategies and approaches that will best fit your situation.
How Long Will It Take Me to Get Out of Debt?
The length of time it takes to pay off your debt will vary greatly depending on the total that needs to be repaid and how much you can contribute toward it per month. Making consistent payments and avoiding adding to your existing debt will help ensure that you get out of debt as quickly as possible.
What Is the Best Way to Get Out of Debt?
There is no one size fits all approach to getting out of debt. It’s best to personalize your approach to your specific situation. Common strategies, though, include the debt avalanche and debt snowball methods.
Ready to Begin the Coach session?
To begin, select Get Started, below. Next, follow along, answer questions, and provide information when asked. Make sure to have the details of your debt ready; this includes the types of debt and the amount you owe, minimum payment, and interest rate for each debt. You’ll also be empowered to design a customized debt-free plan.
About the Author
Movement Bank is dedicated to producing quality content that informs and educates readers about healthy financial habits. On our blog you'll also find information about our products, services, and promotions that may help you on your financial journey. To browse and learn more, visit our blog directly at movementbank.com/blog.