TexasEscapes.com HOME Welcome to Texas Escapes
A magazine written by Texas
Custom Search
New   |   Texas Towns   |   Ghost Towns   |   Counties   |   Trips   |   Features   |   Columns   |   Architecture   |   Images   |   Archives   |   Site Map

Columns

Columns | Go Far With Kovar

Tackling Student Loans and Credit Card Debt

by Taylor Kovar
Hi Taylor - I'm closing in on 30, have a good job, and steadily increasing wages, but I feel like my student debt and credit cards aren't decreasing at all. What am I doing wrong? - Jim

Hi Jim
- Sorry to hear about the debt. Honestly, it's less about what you're doing wrong and more about what you aren't doing right. So many people work hard and make consistent payments, but debt is designed to stick around and hold you back. With that being said, there are two ways to tackle the problem.

1. Consolidate. If you looked into debt consolidation right after college and couldn't find anything, there may be better options available for you now. A lot of lenders have narrowed their focus to help certain professionals get out from under their student loans and credit cards. For example, Splash Financial helps graduates with consolidation, with a special focus on the medical students who come out of a decade of schooling with upwards of $200,000 in debt. If you compare and contrast the different online lenders, you should be able to find a company with the right financing for you, especially if you're working steadily and making a good living. If you want to learn more about the basics of consolidation, check out the post on GoFarWithKovar.com.

2. Get aggressive.
Once debt reaches a certain tipping point, becoming a significant portion of your overall worth as opposed to a small monthly bill, you have to go above and beyond to take care of it. I know from personal experience that it takes a near Herculean effort to deal with hefty loans, but when you get into the mindset of budgeting, saving, and putting every extra penny toward getting out of debt, it can be done. Start by making a debt management plan - look at all your loans, see which have the biggest balances, which have the highest interest rates, which might be easiest to consolidate, etc. Once you have a plan for how and when you'll pay off each balance, set a budget that helps you pay as aggressively as possible. Every extra dollar you put toward debt is a few pennies saved on interest, and that effort will lead to huge dividends when you shorten the life of a loan.

Remember, your expenses will always rise to meet your income unless you make a concise effort to not allow it. Be smart and decisive, and you'll soon see those loans dwindle away until they're a thing of the past. Good luck!


Taylor Kovar April 28, 2020
More "Go Far With Kovar"
Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.

"Go Far With Kovar"

  • Laid Off: I Can't Afford My Car 4-22-20
  • Financial Tips: What You Can Do During COVID 4-13-20
  • When Will a Corona Vaccine Be Ready? 4-6-20
  • Ways to Invest That Don't Involve the Stock Market 4-1-20
  • Is Gold a Good Investment? 3-25-20

    more »

  • More "Go Far With Kovar" ›

    More Columns

     

     

     

     

     

     

     

     

     

     


    Texas Escapes Online Magazine »   Archive Issues » Home »
    TEXAS TOWNS & COUNTIES TEXAS LANDMARKS & IMAGES TEXAS HISTORY & CULTURE TEXAS OUTDOORS MORE
    Texas Counties
    Texas Towns A-Z
    Texas Ghost Towns

    TEXAS REGIONS:
    Central Texas North
    Central Texas South
    Texas Gulf Coast
    Texas Panhandle
    Texas Hill Country
    East Texas
    South Texas
    West Texas

    Courthouses
    Jails
    Churches
    Schoolhouses
    Bridges
    Theaters
    Depots
    Rooms with a Past
    Monuments
    Statues

    Gas Stations
    Post Offices
    Museums
    Water Towers
    Grain Elevators
    Cotton Gins
    Lodges
    Stores
    Banks

    Vintage Photos
    Historic Trees
    Cemeteries
    Old Neon
    Ghost Signs
    Signs
    Murals
    Gargoyles
    Pitted Dates
    Cornerstones
    Then & Now

    Columns: History/Opinion
    Texas History
    Small Town Sagas
    Black History
    WWII
    Texas Centennial
    Ghosts
    People
    Animals
    Food
    Music
    Art

    Books
    Cotton
    Texas Railroads

    Texas Trips
    Texas Drives
    Texas State Parks
    Texas Rivers
    Texas Lakes
    Texas Forts
    Texas Trails
    Texas Maps
    USA
    MEXICO
    HOTELS

    Site Map
    About Us
    Privacy Statement
    Disclaimer
    Contributors
    Staff
    Contact Us

     
    Website Content Copyright Texas Escapes LLC. All Rights Reserved