November 19, 2017

3 Innovative Ways to Create a Debt Payment Schedule

Millions of consumers in the United States struggle with debt. Some are swimming in debt and are barely able to make ends meet. Many have so many debt accounts that they have trouble keeping up with which payments have been made, what the account balances are and more. Creating an effective debt payment schedule is an important step to take to improving your debt management efforts and even for reducing debt balances without delay. There are a few different strategies you can use to create and manage your debt payment schedule.

Use a Debt Management App
There seem to be mobile apps available for everything, and this includes for debt payment schedules and debt management. There are multiples apps designed for this purpose, and you can easily explore the options to find one that is most effective for how you manage your funds. Many will allow you to track debt payments, receive payment reminders, monitor debt reduction and more. Such useful features can help you to take your debt payment schedule to the next level. The first step to take when using most apps is to carefully list out each debt that you own as well as the monthly payment, interest rate and outstanding balance.

Set Up Automated Payments
While debt management apps are effective for some people, others prefer to set up their own automated plan. Most banks now offer bill payment services. You can create automated payments for each account you are responsible for on a recurring basis. You can easily schedule a regular amount to be paid and a specific day of the month for the debt to be paid. You can also easily adjust these as needed, and you can monitor payment activity with ease. This is the perfect way to ensure that all debts are paid on time each month.

Set Up Automatic Drafts
Another idea is to set up auto drafts directly with the creditor or lender. Some lenders provide you with the opportunity to break a large payment up into two smaller payments during the month. Many do not charge a service for this option. If your bank charges a fee for bill pay functionality, automatic drafts made directly to a lender are a better option. However, keep in mind that it can be much more difficult to adjust payment amounts and dates through this option.

Many people will need to work hard to achieve a debt-free status. They often need to take a slow and steady path by making regular payments each month and by avoiding taking on more debt. It may take several years or longer to accomplish your goal, but rest assured that success can be yours when you follow the right debt payment schedule and elimination strategy.

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