Live a Debt Free Lifestyle

With the economic recovery taking longer than expected and stock markets being unpredictable, it’s easy to see why many are having a difficult time staying out of debt.  But rather than dreaming of a debt free lifestyle, follow these three steps and take control of your finances today!

  • Step One – Assess the Situation: Find out how much you actually owe. Create a list of all the monthly payments you owe, such as your credit card and loan balances. Note down the minimum amount you can pay and how much interest you are charged. This will allow you to assess how various fees will compound your current expenses.
  • Step Two – Determine your Disposable Income: Write down your monthly income, subtract all recurring monthly expenses, such as mortgage and car payments, and deduct for groceries and miscellaneous entertainment that may occur over the course of the month. The remainder will be your disposable income that can help pay off your debt.
  • Step Three – Schedule Your Payments: Pay off bills that have the highest interest first. If you have multiple credit cards, pay the minimum payment on all but the one with the highest interest which you should pay off completely. Continue with this same payment method and you’ll slowly reduce your debt. Set up online automatic bill pay through your financial institution to schedule all your payments and ensure your progress toward becoming debt-free. (FHB Online® is a convenient and secure service for First Hawaiian Bank customers to set up bill pay).

At First Hawaiian Bank, we offer several options that can guide you toward the path of becoming debt free. 

Personal Loans:   For those that don’t own a home, lower interest personal loans can also help consolidate debt because you don’t need a house as collateral.
Home Equity Loans:   With lower interest rates than credit cards, these loans can save you money in interest payments by consolidating multiple credit card payments into a single loan. Plus, the interest you pay may be tax deductible (consult with a tax advisor for details).
Refinancing:  If you’re a homeowner, now is a great time to refinance your mortgage because rates are low. A lower interest rate could reduce your monthly payments, allowing you to have more disposable income and pay off your debt quicker.

First Hawaiian Bank has an online bill consolidation calculator tool to help you determine whether debt consolidation is right for you.  Input your auto loan, credit cards and other installment loan balances then calculate the savings!
Calculate now »

Are you ready to take control of your finances today? To learn how we can help you live a debt free lifestyle, visit any First Hawaiian Bank branch, or call 643-LOAN (5626) if you are calling from Hawaii, 477-LOAN (5626) from Guam, or 1-800-403-7167 from Saipan. 

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First Hawaiian Bank Wealth Management Group provides financial products and services through First Hawaiian Bank and its broker dealer Raymond James Financial Services. First Hawaiian Bank and its affiliates do not provide tax or legal advice.

First Hawaiian Bank products and services are not available for residents of the European Union.

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