Basic Tips for Establishing a Debt Repayment Plan

Robert M. Ryerson is a certified financial planner (CFP) with New Century Planning in Freehold, New Jersey, and a financial strategist with The Society of Financial Awareness in San Diego, California. Robert M. Ryerson, an economics graduate of Rutgers University, has maintained his certification as a financial planner for nearly three decades.

The Society of Financial Awareness (SOFA) is a registered not-for-profit that promotes financial literacy on the national stage. The organization is primarily known for providing a six-hour course that is split into two sessions that address a number of pressing financial concerns, including retirement distribution planning, estate and legacy planning, and social security taxation. The organization also offers resources regarding debt resolution.

When it comes to resolving debt, there are no quick or easy solutions. Any organization or professional who promises immediate relief from debt should be regarded with considerable skepticism. Fortunately, there are a few steps individuals and families can take to get the repayment process started.

Firstly, individuals need a base understanding of their overall financial situation. By collecting all available statements and relative documentation, including annual credit scores, a person can fully assess their debt and draft a workable repayment plan. Any aspect of debt eligible for lower interest rates, such as a low rate balance transfer credit card, should be converted immediately. High interest rates are one of the most challenging aspects of the debt cycle, sometimes making it impossible to make any progress towards repayment.

Next, individuals must formulate a strategy. This is easier said than done, of course, and may necessitate some professional help. However, elements of a debt repayment plan should include basic math to determine how much debt can be comfortably paid off each month and setting up auto payment services whenever possible. Individuals who feel their debt is too much to handle should reach out to a trusted credit counseling agency or bankruptcy attorney.


Robert Ryerson

Although Robert M. Ryerson completed all the necessary requirements to earn bachelor of arts degrees in both English and economics at Rutgers University, college policy at the time prohibited the issuance of dual degrees. As a result, he graduated from Rutgers with a single bachelor of arts in economics before finding employment as a stockbroker with Shearson Lehman American Express in New York City 1984. Robert M. Ryerson has since established himself as a respected estate administrator and legacy planner. In addition to his economics degree from Rutgers, Mr. Ryerson holds several professional designations including Retirement Income Certified Professional (RICP)®; Certified In Long Term Care (CLTC)®; Certified Financial Fiduciary (CFF)®, and Certified Identity Theft Risk Magenament Specialist (CITRMS)®. He has shared his knowledge on the subject of identity theft as the author of the book What’s The Deal With Identity Theft?: A Plain-English Look at Our Fastest Growing Crime. He has also covered identity theft issues directly for students as the instructor of the adult education course Understanding Identity Theft: Our Fastest Growing Crime.

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