Debt can be a heavy burden. While each payment slowly but surely helps you dig your way out of the debt hole, sometimes it only seems to get worse as time goes on. Your credit card payments start to resemble a game of roulette, and before you know it, you are sending the bare minimum to whatever bill comes your way first, doing what you can to keep your head above water.
It’s time to be honest with yourself. Is your payment schedule really helping you, or is it bringing you closer to financial – and mental – instability? Ovation has a payment tool that can restore your sanity.
Ovation has several financial tools designed to help you pay down your debts faster and save you the most money possible. The different payment schedules cater to individual needs, not only to rid you of pesky debts but to help you restore your credit as well. One of our favorite tools is the one in which you pay off your highest balance first.
Every debt comes with interest, and the more you owe, the more interest accumulates. This snowball effect packs quite a punch if not monitored. Therefore, rather than bouncing between different payments, choose to focus on paying the debt with the highest balance first. As tempting as it may be, resist the urge to deviate to other payments if at all possible. Once your highest debt has been paid off, continue to the next highest debt and begin to pay off that balance. Continue this process until you are debt free, at which time you can congratulate yourself on your victory in the battle against unmanageable debt.
Paying off the highest balance first is beneficial in several ways. Foremost, it is easier to manage. Payments are much less daunting when you are focused on one item on your list instead of several. Remember, your sanity is just as important as your financial stability. Paying off the highest debt also improves your credit scores. A high balance, especially if it is over 50% of the amount available on the card, equals a low credit score, and bad credit can limit you in a number of ways.
This helpful online tool is incredibly easy to use. With Ovation’s Highest Balance First Tool, you simply input your debt, and a payment schedule is created for you. Rather than keep up with the juggling act you have been performing, you can pay off your debts quickly. Our tools help you relieve debt and restore credit, granting you the serenity – and sanity – that you may have been missing.