Financial Wellness 101: Paying Down Expensive Debt

I have high-interest debts that are piling up. What can I do?

The truth of the matter is, almost all American adults have some form of debt they are struggling to repay on time. Yet paying down debt is one of the most important ways you can improve your financial wellness. So, let’s run through some of your options!

There are 2 main strategies that financial advisers often recommend to help you make a dent in your debt payments:

1. Debt Stacking: Making the minimum payment on all debts, and then putting extra funds into the debt with the highest interest.
2. Debt Snowballing: Making the minimum payment on all debts, and then focusing on completely paying off the debt with the lowest balance.

Noticeably, the key to both strategies is to have enough money in the bank to make all the minimum payments, and then to put additional funds into at least one debt. Yet for most American workers, that is simply not possible.

Where can I turn if I need more help?

Financial wellness benefits are a responsible and reliable way to begin to tackle your debt. Just look at Kashable: we provide access to affordable credit that you can put toward your high-cost debt payments. In fact, over 40% of all Kashable borrowers use our loans for exactly this purpose!

Kashable combines employment data into the underwriting process, so we can offer rates and terms that are better than most other alternatives. We call it Socially Responsible Credit^TM. And it means that we:

• Allow you to take only one loan at a time, ensuring you do not overload your plate
• Typically lend 5-10% of one take-home paycheck, leaving enough funds for you to continue to make ends meet
• Lend at affordable interest rates
• Offer automatic repayment through payroll, so that you are always on time with your payments and do not have to worry about your debts stacking up.

Ready to give Kashable a try? Check Your Rate Now.