Basic Tips for Establishing a Debt Repayment Plan


Debt Repayment pic
Debt Repayment

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.

Published by Robert Ryerson

A financial professional with more than three decades of experience, Robert Ryerson works closely with clients in the Freehold, New Jersey, area to meet their financial planning needs. As a Certified Financial Planner (CFP) at New Century Planning, he focuses on retirement income planning, as well as estate administration, regularly assisting his clients with legacy and estate planning. He also advises them on health and disability insurance, including Medicare, Medicaid, and Medicare Supplement Plans. Mr. Ryerson’s many years helping his clients navigate the complexities of retirement planning gave him a deeper understanding of the healthcare costs that retirees face. In 2013, he drew upon this knowledge to co-author the book What You Don’t Know About Retirement Will Hurt You. Outside of his work at New Century Planning, Robert M. Ryerson is a regular fixture at workshops and seminars on retirement. He has delivered several keynote speeches on the often-confusing topic of required minimum distributions. Mr. Ryerson continues to share his financial expertise as a facilitator of online courses for Certified Public Accountants through The Society for Financial Awareness. In the early 2010s, Mr. Ryerson became concerned about the threat of identity theft after noting the many cybersecurity breaches suffered by major companies. He became a Certified Identity Theft Risk Management Specialist (CITRMS) in 2014. He has since taught identity theft recovery courses at local community colleges. Mr. Ryerson also wrote a book on the topic entitled What’s the Deal with Identity Theft: A Plain English Look at Our Fastest Growing Crime. A graduate of Rutgers University with a degree in economics, Mr. Ryerson began his career in the financial services industry as a stockbroker. He obtained his CFP designation in 1991 and began working as an independent financial planner a few years later. In addition, he is a notary public.

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