Mollie Hale Carter: Taking Steps to Reduce Your Debt
Looking to the reduce the burden of personal debt? As CEO of
Sunflower Bank, Mollie Hale Carter knows that reducing debt isn’t always simple
or easy, though there are a few simple steps that, when combined with a
disciplined and determined approach, can help to make the debt reduction
process is a little more straightforward, as well as a little less stressful.
By mapping out all sources of household income, as well as all
current expenses, you provide yourself a framework through which your budget
and your debt are a little more manageable.
Optimizing Your Payments
For those debts associated with high interest rates, make a concerted
effort to pay the maximum amount possible. For all others, make the minimum
payment.
Renegotiate Interest Rates
Often times a credit card company will reduce your interest
rates should you make the request to do so. For cards and other high interest
rate debts, it doesn’t hurt to request a lower rate.
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