CB&S Bank Logo

7 Tips to Help You Get Out of Debt

Happy familyWhen you are in debt, it can feel like there is no way to get a grip on your finances. However, living debt-free is attainable as long as you have a plan in place. To help, CB&S Bank provides these seven tips to help you get out of debt and on your way to financial freedom:

  1. Create, and stick to, a budget—If you want to get serious about paying off your debt, consider creating (and sticking to) a budget. Only spend money on necessities and use the excess money to pay more toward your existing debts.
  2. Try selling items you don't need—One way to generate some extra cash is to sell items you no longer need. You can do this by hosting a yard sale, selling items on eBay, Craigslist or even Facebook Marketplace!
  3. Use windfalls to help chip away debt—Use any windfalls you may come across to help you chip away at your debt... Examples of windfalls can be birthday money, an annual raise, an inheritance or even your tax return. 
  4. Find ways to save—Evaluate your spending habits and try to find additional ways to save. By not spending as much money, you will be able to allocate the money you had previously spent on habits or hobbies towards your debt. If you find yourself rushing to your local coffee shop for a coffee every morning, start brewing your own coffee at home. If you notice that you are eating out a lot, you could consider making your meals at home and eating in.
  5. Pay more than your minimum payments—If you are able, try paying more than just your minimum payment. By doing this, you cannot only pay off your debt faster, but you can also possibly improve your credit score. Try using CB&S Bank's Credit Card Re-Payment Calculator to learn how long it will take you to pay off your credit cards.
  6. Make more money—One way to pay off your debt faster is to make more money... You can get a part-time job or even start a side hustle!
  7. Get rid of the credit cards—If you have to get rid of your credit cards in order to stop using them, then do so. If you continue to use your credit card, the vicious debt cycle can be never-ending.

 

  1. Personal

    1. Personal Banking
      1. Personal Accounts
        1. Personal Account Comparison
        2. Star Account
        3. Star Rewards Account
        4. Prime Advantage
        5. All About U Student Account
        6. Golden Customer Club
      2. Personal Savings
        1. Savings Account Comparison
        2. Star Savings
        3. Star Rewards Savings
        4. Super Star Savers Club
        5. Christmas Club Savings
        6. Vacation Club Savings
        7. Insured Money Fund
        8. Certificates of Deposit (CDs)
        9. Individual Retirement Account (IRAs)
      3. Debit Cards
      4. Safe Deposit Boxes
    2. Personal Borrowing
      1. Home Loans
      2. Personal Loans
      3. Auto Loans
      4. ScoreCard Rewards Credit Card
    3. Account Tools & Resources
      1. Personal Financial Insights
      2. Personal Financial Calculators
      3. ID Protection
      4. Access Line
      5. Reorder Checks
      6. Report Lost/Stolen Card
      7. Download a Switch Kit
  2. Business

    1. Business Banking
      1. Business Checking
        1. Business Checking Account Comparison
        2. Free Business Checking
        3. Business Select Checking
        4. Business Analysis Checking
        5. Business Interest Checking
        6. Business Prime Advantage
        7. Insured Money Fund
        8. Workplace Advantage Checking (For Your Employees)
      2. Business Savings
        1. Business Savings Accounts
        2. Simplified Employee Pension (SEP) Account
        3. Business Advantage Money Market
      3. Business Mobile Banking
      4. Business Debit Cards
      5. Treasury Management
        1. Treasury Management Services
      6. Merchant Services
    2.  Business Borrowing
      1. Small Business Loans
      2. Commercial Loans
      3. Commercial Real Estate Loans
      4. Credit Cards
    3. Account Tools & Resources
      1. Business Financial Insights
    4. Business Financial Calculators
      1. Capital Calculator
      2. Cash Flow Calculator
      3. Commercial Loan Calculator
      4. Debt Service Calculator
      5. Ratios Calculator
  3. Digital Banking

    1. Personal Digital Banking
      1. Mobile Banking
      2. Mobile Deposit
      3. Internet Banking
      4. Internet Bill Pay
      5. PopMoney
      6. eStatements
      7. MobiMoney
      8. Mobile Wallet
      9. Make a Loan Payment
    2. Business Digital Banking
      1. Mobile Banking
      2. Treasury Management Internet Banking
      3. Business Express Deposit
  4. Home Loans

    1. Home Loan Options
      1. Apply For A Home Loan
    2. Meet Our Mortgage Team
      1. Scott Pride
      2. Dean Smith
      3. Charlotte Loines
      4. Alana Beaugez
      5. Derona Wilson
      6. Amy Ellenburg
    3. Mortgage Tools & Resources
      1. Home Loan Insights
      2. Home Loan Toolkit
      3. Home Loan Glossary & FAQ
      4. Loan Calculator
      5. NMLS Registry
  5. Financial Services

    1. Insurance
    2. Personal Investments
      1. Meet Our Team
  6. About Us

    1. Our Story & History
    2. Locations & Hours
      1. Adamsville
      2. Ardmore
      3. Birmingham Doug Baker
      4. Birmingham Shades Creek
      5. Bolivar
      6. Cherokee
      7. Clarksdale
      8. Corinth Alcorn Dr
      9. Corinth Harper Rd
      10. Cornersville
      11. Decatur 6th Ave
      12. Decatur Beltline Rd
      13. Eupora
      14. Fayetteville
      15. Florence Downtown
      16. Florence Hough Rd
      17. Greenville Downtown
      18. Greenville Highway 1
      19. Greenwood Downtown
      20. Greenwood Park Ave
      21. Hodges
      22. Hohenwald 
      23. Huntsville Downtown
      24. Huntsville Hampton Cove
      25. Huntsville Perimeter Park
      26. Killen
      27. Lewisburg
      28. Madison
      29. Main Office
      30. Moulton
      31. Murfreesboro Church St
      32. Murfreesboro Cason Lane
      33. Muscle Shoals
      34. North Russellville
      35. Parsons Main St
      36. Phil Campbell
      37. Pike Road
      38. Pulaski
      39. Red Bay
      40. Ripley
      41. Savannah Main St
      42. Russellville Franklin Plaza
      43. Savannah Water St
      44. Scotts Hill
      45. Selmer 
      46. Starkville
      47. Sturgis
      48. Tallassee Gilmer Ave
      49. Tallassee Main St
      50. Town Creek
      51. Tupelo Gloster St
      52. Tupelo Main St
      53. Walnut
      54. Wetumpka
      55. Whiteville
    3. Contact Us
    4. Career Opportunities
    5. Privacy & Security
    6. Terms & Conditions
    7. Disclosures
  7. Education Center


    1. Personal Financial Insights
    2. Business Financial Insights
    3. Home Loan Insights
    4. Home Loan Toolkit
    5. Home Loan Glossary & FAQ
    6. Product Video Demos
    7. Financial Calculators
Go To Top