• Emergency Fund – The best way to avoid getting into debt is to have an emergency fund, a cash reserve that’s specifically set aside for unplanned expenses. How much to save depends on your personal situation, but a common rule is between 3-6 months of expenses.

• Insurance – Like an emergency fund, insurance can help keep you out of debt. Make sure you have adequate homeowners, renters, business, and automobile insurance to cover your expenses should an emergency occur.

Ways to Pay of Debt

• Snowball Method – This payment method allows individuals to experience quick wins by eliminating smaller debts relatively quickly.

  • List your debts from smallest to largest amount.

  • Make minimum payments on each debt, except the smallest one.

  • Use all extra money to pay off your smallest debt first.

  • Repeat process after paying off each smallest debt.

Debt Management Resources

These resources provide tips and strategies to manage and discard debt.

Bank of America  

Thrivent 

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