Mount Pleasant Magazine March/April 2021

78 www. ReadMPM. com | www. VOICE forRea l Es tate. com | www.MountPl easantBu i lder s . com roll the money you were paying on that liability into the next smallest balance. “The debt snowball works because it’s all about behavior modification, not math. When it all boils down, hope has more to do with this equation than math ever will,” Ramsey shared. Even when you’re fully committed to a plan like the Debt Snowball, getting out from under a mountain of high interest liabilities can feel impossible. One bright side of the turmoil of 2020 is that it brought with it record-breaking mortgage rates. You might still be wondering what that has to do with your debt. Loan officer Amy Learn, of Fairway Independent Mortgage, offered useful advice: “Some people who are drowning in credit card debt would 100% benefit from a cash-out refinance to pay off outstanding debts, as long as they have the equity in the home to do so. Since the extra money is added into your mortgage payment and interest rates are so low, it saves people a great deal of money,” she noted. Getting a handle on individual finances is not only a full-time job but incredibly emotional for many, as Learn has seen firsthand. “I see it often. People have cried at the closing table after getting rid of all their debt.” 2020 was a difficult and trying year to say the least. For many of us, it has changed how we live our lives. However, it does not have to define us. Debt can be temporary, and implementing advice from experts can put crippling debt in our rear-view mirrors for good. ING RE DO MO TO GETHER FORMT. PLEASANT MAGAZINEREADERS! THANK YOU to the readers of Mt. Pleasant Magazine for voting South Carolina Federal Credit Union the “Best Credit Union.” At South Carolina Federal, our mission is to serve our more than 160,000 members with exceptional banking, and support the community in extraordinary ways. We pledge more of the same, in hopes of being a repeat winner next year! MAKE THE SWITCH TO A SIMPLER WAY TO BANK. Visit scfederal.org/DOMOTO Federally insured by NCUA finances