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Tips to pay off your debt in the New Year

Posted at 2:38 PM, Dec 12, 2022

The New Year is just weeks away. If one of your New Year’s resolutions include being debt free, WSFL-TV Trusted Advisor, Chad Van Horn of Van Horn Law Group, joined Inside South Florida to share tips to help you attain that goal.

“You want to figure out how much debt you owe, create a budget, and stick to that budget. Then come up with what plan you want to go with to pay off your debt,” says Van Horn. “You can consider the avalanche plan, which is paying off the higher interest rate, or the snowball plan, which is paying off the lowest balances first.”

Reducing easy accessibility to your money can help prevent overspending and staying out of debt.

“I recommend that you give yourself an allowance,” says Van Horn. “You should take out as much cash that you want to spend for that week.”

For more information, visit vanhornlawgroup.com

This Inside South Florida segment is paid for by Van Horn Law Group.

Inside South Florida

10:49 AM, Jul 26, 2019

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