Nobody's perfect and many people have a debt to pay off. The question is: “Do you have a plan?” Get out of debt with the suited repayment plan that is integrated into your budget.
Few words about debts
Debt stands for the amount of money that one should repay back. Simply said, that is something borrowed by one party from another. Debts are needed by many to have an opportunity to buy more goods they couldn’t afford under normal circumstances. It all sounds great unless you know how much you borrow and return all funds on time to avoid problems.
In any case, debts have a ripple effect on your entire financial life. You should keep an eye on them if you want your credit scores to be positive. Without a good financial reputation, you won’t be able to use many services.
A certain credit limit is set to prevent consumers from overspending. However, some people still manage to purchase too much. It’s necessary to keep in mind that both credit restrictions and interest rates may change.
Installment debts come from several types of debts. They include various loans and mortgages. Usually, such things as the interest rate and how much you pay per month are fixed from the very beginning, but they can be modified under certain conditions, so you should always specify those details.
Paying your debts on time is of utmost importance. In case a borrower ignores or skips the payment due date, the one who lends money can report such misbehavior to the credit bureaus. This single mistake can cost a borrower their reputation. It remains on their credit reports for up to 7 years. Sure, some fees can be paid later without such consequences, but it’s still tiring and burdensome.
Aside from your payment history, it may vary how each type of debt affects your credit story. Installment debts do not affect the credit score a lot, but it is still unpleasant. However, revolving debt is different and more risky. So, what may impact your credit scores negatively? It happens in case a borrower has higher balances compared to their credit restrictions from month to month.
That is especially true for multiple cards.
PocketGuard helps thousands of people pay their debts every day. Our goal is to build a simple, achievable plan built into your budget. You’re responsible just for your own discipline.
Sign up for PocketGuard
To learn more about how the debt repayment plan works, you can use our online calculator. To create a customized plan and integrate it into your budget, sign up for PocketGuard.
Add your accounts and details
The more accounts you add, the better debt repayment plan and budget capabilities you get. From credit cards and loans to mortgage and car insurance. Enter details such as APR, minimum payment, and more.
Setup payoff budget and choose a strategy
Allocate enough money towards paying off debts, among other necessities such as bills and savings. Choose a financial strategy based on tips and recommendations from financial experts and PocketGuard. Then, consolidate your payoff budget based on your needs.
Succeed!
All you need to have now is discipline. Don't worry as PocketGuard will notify you if you ever step off the road so you can correct your budget.
Become debt-free on your own terms with a personalized plan, repayment
schedule, and burndown chart consolidated in your monthly budget.