debt

While struggling with debt isn’t uncommon, getting out of it as soon as possible is important. Student loans, car loans, credit cards and other payments can lead to your pile of debt getting bigger and bigger. So, what steps should you take if you are in debt? Keep reading to find out.  1. Clean Out Your House & Sell What You Don’t Use  Start small and simply sell the things you don’t need. You’d Read More

Extreme amounts of debt can weigh heavy on your shoulders. It has been found that extreme amounts of debt are linked to higher rates of suicide and depression. This is why it’s so important to have an understanding of good debt vs. bad debt and how you can go about paying back your debt efficiently.  Don’t Let it Define Your Life You, of course, want to have your debt paid off as soon as possible. However, letting it define the value of your life is counterintuitive to being Read More

Nobody wants to be consumed with worrying about their finances. Debt for most people is a fact of life. Unless you have a stroke of luck with the lottery, or a Daddy Warbucks, you are probably unable to pay cash for life’s most important purchases: a car, house or your college education. The goal with debt is to take on good debt that will provide opportunities and income advancement. Bad debt is purchasing items with no return on your investment, with their value quickly depleting.   Bad Read More

If you’re an adult living in America, chances are you’re living with debt. According to Pew Charitable Trusts, roughly 80% of American adults are in financial debt. You can see how it happens, between student loan payments, mortgage payments, car payments and credit card use, it’s easy to get yourself into debt and it can be tough to climb out.   But, how can you help yourself live debt-free? It is possible, and Exchange Bank of Northeast Missouri has some tips that you Read More

Sometimes the best intentions can lend themselves to producing the worst results. While many friends and family members may offer quick solutions to your financial anguish, often times the best education is understanding those lessons first hand. At Exchange Bank of Northeast Missouri, we’d like to showcase several of the most common pieces of money advice we hear, and what you can do to remedy these particular miscommunications.   Bad Advice #1: You have to go to college to get Read More

Minimizing your debt can always seem like a mountain of to-do lists. With various recurring payments, differing interest rates, and due dates that never seem to end, if you feel overwhelmed, you’re not alone.   While having credit card or other outstanding debt isn’t a situation anyone wants to find themselves in, a surprising 38.1% of American households carry credit card debt.  Couple that with a total household debt average of $134,643.00 and the idea of debt starts Read More