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Paul Sobotta, CLU®, ChFC®, CFP®, RICP®
Financial Planner
CA Insurance Lic. #4169793
Kyle Sobotta, CFP®
Financial Planner
Prudential Advisors
205 Washington Street
Arcadia, WI 54612
Phone: 608-323-7032
Fax: 608-323-7964
Email: paul.sobotta@prudential.com
May/June 2022
Pay Off, Not Down
U.S. consumer debt—including money owed on credit cards and student and auto loans — reached $4.37 trillion in September 2021, according to the Federal Reserve. If you’re carrying balances on high-interest credit cards, choose one of these strategies to get out of debt.
Pay off the card with the highest interest rate or the largest balance.
Pay as much as you can toward one card, while paying the minimum on your other cards. When the first card is paid off, put the same amount toward the card with the next highest rate/ biggest balance.
Pay off cards with low balances first.
Eliminating several small balances may give you a psychological boost and help you continue the momentum with your higher balance cards.Consolidate debt.
A debt consolidation loan allows you to pay off your cards and have a single monthly payment, often at a lower interest rate.1056764-00001-00
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