Westmark Credit Union
We are a full-service financial institution, owned by our members & committed to the development of their financial future. We have 12 convenient locations.

Debt Management 101

Even with careful financial management, debt is a part of life for most people. It’s not possible for most people to make large purchases, like a house or car, without taking out a mortgage or auto loan. Many people also have other kinds of debt, like credit cards and student loans. However, although debt is a reality, it can also be a burden, particularly if your debt repayments outpace your earnings. If you’re feeling overwhelmed by debt, here is what you need to know about taking back control.

Face Your Finances

One way to let debt take control of you is to try to ignore it. By facing your debt, you know exactly where you stand. Start by understanding the kinds of debt you have. Mortgages, student loans, and other kinds of debt that buy you something that will increase in value is usually considered to be good debt. Debt that purchased something that decreases in value, such as purchases you made on your credit cards, is considered bad debt. All debt needs to be repaid, but considering which debt is a necessary step for improving your financial outlook and which is dragging you down can help you make decisions about allocating your money.

Prioritize Expensive Debt

Debt that is attached to a high interest rate is more expensive than debt with lower rates. After making minimum payments on all your accounts, you can save money by diverting extra payments to your highest interest accounts. Once those are tackled, take that extra money and pay down lower interest rate debt. Following this strategy can save you a significant amount of money on your debt in the long run.

Work with Your Creditors

If you are struggling to keep up with payments, talk to your creditors. Often, it is possible to make payment arrangements that will make it easier for you to pay on your accounts and protect your credit score. Ignoring unpaid bills will only trigger more fees and penalties, which will leave you deeper in debt.

At Westmark Credit Union, we offer financial advice to credit union members in Idaho to help them take control of their personal finances. Contact our credit union today at (208) 523-1071 to see how we can help you.

Categories: debt


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2520 Channing Way
Idaho Falls, ID 83404

Hours of Operation:

  • Closed Sunday
  • 9:30 AM to 5:00 PM Monday
  • 9:30 AM to 5:00 PM Tuesday
  • 9:30 AM to 5:00 PM Wednesday
  • 9:30 AM to 5:00 PM Thursday
  • 9:30 AM to 6:00 PM Friday
  • 9:00 AM to 1:00 PM Saturday