Should I pay down my student loans or my credit cards?
Answers | 2
The first step is to seek as much knowledge as you can from trusted advisors and professionals who are willing to sit down and help you work out a strategy. It is important to gain as much knowledge as you can dealing with money management.
The internet is full of free courses and material to increase financial literacy. However, nothing, and I repeat nothing, will overshadow the benefits and help of good mentorship. I suggest focusing on developing a strategy that enables you to focus on both. The debt from student loans and credit cards was achieved over a period of time, and it is going to take time and strategy to pay them off. It will most likely require living adjustments and going without a few luxuries for a period of time if increasing income is not possible.
I also recommend in conjunction with the K.S.E. process, using the P.O.C.C.A. process. Planning, Organizing, Coordinating, Controlling, and Accountability. Acquiring knowledge and developing strategies will take planning, organization and coordination. You will have to be in control of the process and be accountable. The good new is it is possible to deal with both student loan and credit card debt, you just need to develop the strategy that works for you.