Galileo Capital’s Warren Ingram shares valuable pointers to help enable you to pay off your debts.
Bruce Whitfield interviews Warren Ingram, co-founder and executive director of Galileo Capital.
Servicing debt has become an increased burden for many consumers after a series of interest rate hikes.
While we are struggling, there are tricks to paying off your debts as fast as possible.
And being debt-free is an essential step to being financially free, notes personal financial adviser Warren Ingram.
The executive director of Galileo Capital shares some valuable pointers for enabling yourself to pay off that debt burden.
A lot of us find debt easy to access – especially when you can just tap and go on your phone. It’s easy, and almost addictive in a way… but it takes us down a really deep hole very, very quickly.
Warren Ingram, Executive Director – Galileo Capital
Ingram shares some valuable pointers for getting yourself out of debt:
Assess Your Debt: List all your debts, including credit cards,loans, and mortgages. (Determine the total amount of debt you owe and the interest rates for each debt.)
Create a Budget: Track your monthly expenses to identify areas where you can cut back. Reallocate this money to paying more on your debt.
Two Debt Repayment Strategies to consider:
Debt Snowball: Focus on paying off your smallest debts first while making minimum payments on larger debts. (Once the smallest debt is paid off, use the money you were paying towards it to pay off the next smallest debt, and so on.)
Debt Avalanche: Focus on paying off debts with the highest interest rates first while making minimum payments on other debts. (Once the highest-interest debt is paid off, use the money you were paying towards it to pay off the next highest-interest debt, and so on.)
Stay Motivated: Celebrate small wins, such as paying off a credit card or loan. (Find an accountability partner who can support and encourage you.)