Dante Michael Anthony Vitoria & Debt 101: The Road to Financial Recovery
Debt Restructuring
Individuals often suffer financial instability as they lack the fundamental principles of personal cash flow management. Financial illiteracy in the United States has led to substantial amounts of consumer debt as individuals struggle to establish economic security. Dante Michael Anthony Vitoria, Founder, and CEO of the Vitoria Group claims that individuals who have accrued a significant amount of debt should begin by prioritizing expenses and evaluating where their debt falls. Identifying a long-term financial objective will help individuals make a habit of paying off what they owe while increasing spending awareness.
With over 30 years of experience in local and international economics, personal finances, and financial planning, Dante Vitoria offers a wide range of services that are specifically tailored to enable clients to meet their financial goals. Dante states that debt repayment requires self-discipline and outlines a few critical steps individuals should adhere to when attempting to tackle their debt.
Prioritize Your Expenses
Prioritizing debt by interest rate is a strategic means to free oneself from financial despair. Identifying which accounts accrue the highest amount of interest should be a top priority while individuals should make minimum payments on accounts with lower monthly charges. Dante Michael Anthony Vitoria claims that once the first account is eliminated, individuals can move on to the debt with the second-highest interest rate charges. Debt repayment journeys do not have to last forever, and by proactively managing expenses and developing realistic financial goals, individuals will obtain the resources to eliminate their debt faster.
Develop a Budget & Make Frequent Payments
Adhering to a budget will allow individuals to accelerate their financial repayment. Cutting expenses or obtaining a secondary source of income may free up extra funds to put towards debt.
Dante Michael Anthony Vitoria states that making frequent payments will encourage individuals to get in the habit of paying off what they owe. Failing to make a payment may result in a late penalty fee or additional charges, which may negatively affect one’s credit rating.
Always Pay Off More than the Minimum Balance
Making a minimum payment is vital to maintaining a positive credit rating, however, paying above the required amount will help reduce one’s credit utilization ratio. Credit utilization refers to the cumulative limit of a credit card, and according to experts, the total balance should remain under 30% of available credit.
Likewise, according to Dante Vitoria, banks have a system that prolongs payment schedules, so by only paying the minimum, individuals will end up paying significantly more in the long run.
Seek Financial Guidance
Navigating the financial landscape can be a challenging endeavor, so seeking guidance may be a viable solution. Professionals can work to reduce expenses by helping to balance monthly spending and aid in creating realistic savings goals. Dante Michael Anthony Vitoria urges individuals to become more financially aware, and by properly managing resources, individuals can avoid debt in the first place.
