A new year plan for high-interest debt
The holiday season is a time for family, celebration and generosity, but it can also lead to more spending than expected. Many people begin the new year with high-interest debt. These balances can grow quickly and make it harder to regain financial momentum. The good news is that there are practical ways to take control of your debt and move into the new year with confidence.
The first step is to take inventory of everything you owe. List each balance along with its interest rate and minimum payment, so you can see the full picture. High-interest accounts should be a priority, because they cost you the most over time. Paying more towards those balances while keeping up with minimum payments on the others can help reduce debt more efficiently and give you a clear starting point for progress.
If you feel stuck with high interest rates, a personal loan from Members 1st Credit Union can be a smart solution. Our personal loans offer lower rates than most credit cards and can combine multiple debts into one convenient monthly payment. This can make repayment easier to manage while helping you save money in the long run. We offer flexible terms and competitive rates designed to fit your budget, and our team is always available to help you choose the option that works best for you.
As you begin paying down balances, try to avoid adding new charges and build a budget that supports your repayment plan. Even small adjustments can create progress over time. We are committed to helping you stay financially strong throughout the year with financial tools and friendly support that guide you toward a more manageable and confident financial future.
Source: myFICO