How Brice Capital Helped Me Dump My Debt and High Interest Rates

Brice Capital Can Help With Your Debt

The U.S. Federal government announced an increase in the federal interest rate, which will trickle down and affect every borrowing rate from car loans to mortgages to credit cards. So, now is the perfect time to make a plan to pay off your debt and balance your budget. Doing so will ensure you don’t have to borrow money and depend on the high-interest rates that will now accompany any funds you request at the bank.

Plus, this election year’s economy is strong, and unemployment is low, giving you prime conditions to grow your investment portfolio. But you can’t do any of that if you’re holding onto debt in your budget, so the first step is to get rid of your obligations as I did. And I’ll show you how.

Everybody Needs a Budget

You might think you don’t need a budget if you cover all your bills with the income you bring into your home. But if you don’t know exactly where your money is going every month, there’s no way to know where to cut corners and redirect funds to places that will help you grow financially. So, write down your income, all of your monthly expenses, and subtract the numbers. Even if the difference is zero, you have some work to do because you want to get rid of your outstanding debt. You also want to have money left over to invest, so you have the possibility to earn some passive income. 

Look at each of your expenses and eliminate anything you don’t need, like your streaming services or your Starbucks habit. Once you have your expenses down to bare bones, contact your creditors and ask if they can reduce your monthly bills. Finally, it’s time to dump your debt, and the best way to do that is through debt consolidation.

The Debt Consolidation Solution

Debt consolidation is when a company like Brice Capital takes a look at your eligible outstanding debts and offers to combine all the balances into one comprehensive loan. It doesn’t reduce the amount you owe, but it allows you to make a single monthly payment instead of multiple ones. That way, you can use the extra money you would’ve spent on the additional bills to pay down your obligation quicker or invest in the market. 

The biggest advantage Brice Capital showed me was a clear path to living debt-free, and isn’t that what we all want? It’s stressful to owe money and remain in a debt hamster wheel that never ends, so when you find a way out — take it.

Leave Your Debt In the Past

Some people might think that living with debt is part of being an adult because most adults in the U.S. carry hefty amounts of debt, even in a booming economy. That’s because an emergency might happen that wipes out your savings, or you get a little too spend-happy, and before you know it, you’re stuck. But it doesn’t have to be that way.

Once you get on a path to living debt-free, make sure you stay that way by setting aside enough savings to pay your expenses for three months, cut up your credit cards, and only buy items you can pay for in cash.

With interest rates rising, the last thing you want to do is tie up your money paying interest to a bank, when you could use that money to grow a nest egg for yourself and your family. So, revisit your budget every few months, make adjustments where necessary, and stay on track. As long as you do that, there’s no reason to believe that you won’t soon dump your debt for good and keep it that way.

 

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