How to Do the Maid of Honour Debt RecoveryAug 30, 2017
When it comes to being an active maid of honour, there’s a lot of post-wedding recovery in order. Unfortunately, that often includes debt recovery.
Being in a bridal party may mean a lot of participation and planning — from the engagement party and bridal shower to the post-wedding brunch. As a maid of honour, you might find you need a little relaxation after it all. And considering the costs of being in the bridal party, your finances might need a little breather, too.
If debt recovery wasn’t a part of the original maid of honour agenda, but you’ve found yourself financially squeezed post-nuptials, here are a few ways to get relief.
Let’s face it, needing debt help is never part of the wedding plan, and it can be a shock (though not gator-in-your-back-yard shock, thankfully). Even a budget-conscious maid of honour can encounter unexpected expenses along the way.
You should always pay at least the minimum on your debts each month — to protect your credit, never miss a payment. But beyond minimum payments, there are ways to eliminate debt quicker.
Here are two different ways to tackle your debt on your own.
Not all debts are created equal.
Credit card debt, for example, often carries a higher interest rate than other types of debt (like a credit line from a bank, for example). If you pay only the minimum on a credit card debt balance, you could be paying that debt off for a very long time. And, you might be paying a lot more for those purchases than you intended.
You can get a clearer picture of the effects of high interest charges with this debt calculator.
It can help you to eliminate your debt sooner if you focus on paying down the debt with the highest interest rate first. This method is sometimes called the debt avalanche method. More of your debt repayment funds go to the principle debt rather than just interest.
This is often called the debt snowball. The intent of this method is to focus all your extra payment money toward your smallest debt. That way, you pay it off in full sooner.
That fully paid off debt can feel like a big accomplishment, and can go a long way to help motivating you to keep going. It can also mean one less creditor, payment amount, or payment date to think about. You can move on to your next smallest debt and wipe it out, too.
You can read more about the debt avalanche and debt snowball methods of debt repayment in this blog from personal finance writer Barry Choi.
No matter the debt recovery method you choose, focus on paying off your debt in full as soon as possible. Doing so will leave you with good memories of the wedding rather than thoughts of debt.
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