Here’s How I Tackled My Debt Without Using My Stimulus Check

Brice Capital debt consolidation company

The federal government decided to help American citizens by providing a stimulus check during these uncertain times. The idea was to give a financial boost to cover things you may need. Most of the people I talked to stated they would use the check to buy food, pay the rent, or dig themselves out of debt. Although these aren’t bad ways to use your stimulus payment, it’s not the route I wanted to take. 

No offense, but $1400 wasn’t going to be enough to scratch the surface of my household debts. Rather than watching the money disappear as quickly as I received it, I wanted to invest in something that would secure a financial future for my family and me. So, I decided to look into other debt reduction methods and use my stimulus money another way. 

Negotiating

The first thing I did was try and negotiate with creditors. As the pandemic has impacted everyone, I was confident that they’d be inclined to help get the account resolved. I talked to them about my financial hardships and asked about other solutions to pay the balances. To my surprise, some companies were willing to remove late fees, reduce the interest rates, and restructure my payments to make them more affordable. 

Debt Consolidation

I decided it might be best to consider debt consolidation for the credit cards with the highest balances and interest rates. I found a reputable site called Bricecapital.com, where I completed a short form and talked with a financial advisor. The agency was able to offer me a loan with a lower interest rate. Brice Capital debt consolidation loans also come with reasonable repayment options, making it easier to fit into my budget. I no longer had to worry about keeping up with multiple accounts, and I was paying more towards my principal balance. Not to mention, it wasn’t long before my credit score started to improve. 

Debt Management Practices

Even though I managed to negotiate some of my debts and consolidate others, I realized the only way to lift the weight completely was to stay on top of my finances. So, I developed positive financial habits and used various tools to help me manage my debt. I found a money management app that allowed me to create and stick to a realistic budget. I also used my calendar to remind me of upcoming bills and set up automatic payments to ensure I don’t miss a beat. 

Invested My Stimulus Check

Since I had developed a way to tackle the debt accumulated amid the pandemic, I was free to invest my stimulus check as I saw fit. Instead of splurging on something that would only provide temporary happiness, I invested in something that would help set my family up for a lifetime. Me and my significant other decided to use the money to invest in real estate. We found an affordable fixer-upper in our neighborhood and bought it at auction for a steal. Since my partner has experience in general contracting, he was able to knock out many of the issues and save us a lot of money along the way. We hope to complete renovations over the next few months and then put it on the market for rent. The rent can be used to create an emergency fund, cover household expenses, or make other investments to keep growing our assets. 

When the government decided to distribute stimulus checks to millions of Americans, I wanted to do more than just pay a bill or reduce my debt. I wanted to invest the money to secure a better future for my family and me. I realized that in order to do that, I first needed to find a way to get my finances under control. Working with Brice Capital and developing positive financial habits helped me get back on track so that I could use the stimulus payment to invest in something greater.

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