Paying off debt: Always stick to the plan

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While Brennan & Clark is primarily a firm providing efficient business collections for companies, it also does its part in educating creditors, business owners, and consumers on the basics of collections, debts, credit, and the many aspects of finance through its blogs.


Today, Brennan & Clark tackles a topic that affects most Americans, business owners or otherwise—debt payoff plans. This blog won’t be coming up with plans, but rather will be providing helpful information on how people and businesses can stick with the debt payoff plans that they already have.

Be realistic.

Nothing causes a plan to fail quite like a lack of realism. Overestimation of possible payments, for businesses ands person in a given time period can backfire in disastrous levels.

Write it down.

Image source: Pixabay.com 

While businesses always have documentation of outstanding debts, many people do not. Brennan & Clark suggests putting everything on paper or in a file on the laptop or phone. This reminds every one of due dates and minimum payments.

Pay beyond minimum

Brennan & Clark explains that interest rates are often the culprits in crippling debt, especially when businesses and people always opt for paying minimum dues. Paying more than the minimum can shorten debt payoffs and overcome interest rates.

Limit loans.

Limiting loans for a month or two may be seem an easy plan, as Brennan & Clark explains, but it requires discipline and much planning, especially for businesses. However, it’s a good way to reduce debt and avoid further incurring more.
Brennan & Clark LLC is a business collections agency that provides customized receivables support solutions that help businesses eliminate credit losses. Visit this blog for more reads on debt collection.