{"id":28,"date":"2020-08-01T05:29:40","date_gmt":"2020-08-01T12:29:40","guid":{"rendered":"https:\/\/hispanabella.com\/?p=28"},"modified":"2021-07-27T21:57:30","modified_gmt":"2021-07-28T04:57:30","slug":"say-adios-to-debt-now","status":"publish","type":"post","link":"https:\/\/hispanabella.com\/say-adios-to-debt-now\/","title":{"rendered":"Say Adios to Debt Now"},"content":{"rendered":"<p>Hola bellas! Did you get too excited shopping online, and now you&#8217;re a couple of thousand dollars in debt?\u00a0 That new makeup palette was just so pretty, how could you resist?\u00a0 If you got yourself into some debt, just know that you&#8217;re not alone!\u00a0 According to the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve\" target=\"_blank\" rel=\"noopener noreferrer\">Federal Reserve<\/a>, which is the government bank of the United States, consumer debt rose to $4,052,000,000,000 in March 2019.\u00a0 Want to say adios to debt?<\/p>\n<p><center><iframe loading=\"lazy\" class=\"giphy-embed\" src=\"https:\/\/giphy.com\/embed\/h5cqy9bZbzcLlrd5NQ\" width=\"480\" height=\"270\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/center><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/giphy.com\/gifs\/amandaceemedia-bye-espanol-amandacee-h5cqy9bZbzcLlrd5NQ\" target=\"_blank\" rel=\"noopener\">via GIPHY<\/a><\/p>\n<h3><strong>Here are some ways to pay off your debt:<\/strong><\/h3>\n<p>\u2022 You can start off by paying your credit card or loan with the highest interest rate first. Then moving on the second-highest, and so forth.\u00a0 While you&#8217;re doing that, make sure you continue to make the minimum payment on your other debts.<\/p>\n<p>\u2022 You can start by paying off your smallest debt first. Once you&#8217;ve paid that debt off, move on to the next one (always from smallest to largest).\u00a0 The same rule applies to making the minimum payments on all your other loans.<\/p>\n<p>Some people prefer focusing on paying off the smallest debt first and moving on to the next one because it is motivating to pay off your loans.\u00a0 Others like the idea of paying off the loan with the highest interest rate first because by paying that one first, they will save money that would have been used to pay the higher interest rate.<\/p>\n<p>I think both methods are extremely useful. You&#8217;re just going to have to keep at it. You&#8217;re going to have to want to get rid of your debts bad!!! When you have that burning desire to tackle down your debts, you can make it happen!<\/p>\n<h3><strong>Tips to say adios to debt: <\/strong><\/h3>\n<p>\u2022 I cannot stress this enough; make sure you create a budget and stick to it! <a href=\"https:\/\/hispanabella.com\/resources\/budget-template\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>Click here<\/u> <\/a>for Hispana Bella&#8217;s budget template.<\/p>\n<p>\u2022 Take a break from shopping and cut down unnecessary bills. It can be temporary while you pay off your debt.<\/p>\n<p>\u2022 Work more hours or get a second job.<\/p>\n<p>\u2022 Go out less. Even cutting one night out a month and using that money to pay off your loans, can make a difference.\u00a0 If you can cut one night out per week, it would be four times better.<\/p>\n<p>\u2022 Always make payments larger than the minimum payment<\/p>\n<p>\u2022 Use any extra money that comes your way to pay-off your loans (ex: birthday money or bonuses from work)<\/p>\n<p>I think it&#8217;s important to realize that many are in debt in this nation, but you don&#8217;t want to be a part of those statistics!\u00a0 You won&#8217;t be living your best life if you&#8217;re living paycheck to paycheck and full of debt. You&#8217;re smarter than that! Instead of paying interest to the credit card companies, keep that money for yourself.<\/p>\n<p>Most credit card companies charge interest rates anywhere from 11%-25%, so you&#8217;ll most likely get an interest rate of around 20%! Let&#8217;s say you have a $1,000 loan with a 20% interest rate.\u00a0 If you&#8217;re only making a minimum $25 payment per month, you&#8217;ll end up paying $662 in interest alone!!! That&#8217;s more than half of the money you borrowed! So your original $1,000 becomes a $1,662 loan at the end of your payments.<\/p>\n<p>That&#8217;s a whole lot of money to be giving away to companies who don&#8217;t even know you! In the future, to avoid this, try to pay in cash as much as you can.\u00a0 If you don&#8217;t have money to buy the item you want, don&#8217;t buy it.\u00a0 Save and then wait to buy it. \u00a0This way, you&#8217;ll enjoy what you bought a lot more since you&#8217;ll know you had to work hard and had to wait until you could afford it. You&#8217;ll also have the satisfaction of knowing you paid $0 interest and kept more of your money to do as you please! Say adios to debt today!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hola bellas! Did you get too excited shopping online, and now you&#8217;re a couple of thousand dollars in debt?\u00a0 That new makeup palette was just so pretty, how could you resist?\u00a0 If you got yourself into some debt, just know that you&#8217;re not alone!\u00a0 According to the Federal Reserve, which is the government bank of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/posts\/28"}],"collection":[{"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/comments?post=28"}],"version-history":[{"count":0,"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/posts\/28\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/media\/1046"}],"wp:attachment":[{"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/media?parent=28"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/categories?post=28"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanabella.com\/wp-json\/wp\/v2\/tags?post=28"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}