How Daily Cash Back Can Supercharge Your Debt Payoff Strategy

When it comes to paying off debt, every dollar counts. While there are plenty of strategies to accelerate debt repayment, one often overlooked method is utilizing cash back from your daily expenses. With a daily cash back checking account, like the one offered at First Service Credit Union, you can turn everyday purchases into a tool to help you get out of debt faster. Here’s how.

Maximizing Every Purchase

The beauty of a daily cash back checking account is that it rewards you for the spending you’re already doing. Whether groceries, gas, or that much-needed cup of coffee, each transaction can earn you a small cash reward. First Service's Daily Cash Back Checking account provides cash back whenever you use your debit card, whether through physical swipes, tap payments, or online transactions. These small amounts can quickly add up over time and be channeled directly towards debt repayment.

How Does Cash Back Help with Debt?

It might not seem like much at first glance—a few cents or dollars here and there. However, the key to supercharging your debt payoff strategy lies in consistency. By using your cash back for debt repayment, you’re essentially adding an extra layer of payments on top of what you’re already contributing. This can help:

1. Reduce Interest Payments: By making additional payments, you reduce your principal balance more quickly. This, in turn, decreases the interest you’ll pay over time, helping you get out of debt sooner.
2. Build Momentum: Watching your balance decrease faster than expected can be motivating. It reinforces the positive effects of your effort and encourages you to keep using cash back rewards to tackle debt.
3. Automate Your Strategy: Some checking accounts allow you to set up automatic transfers. Consider directing your cash back rewards directly to a savings account designated for debt payments. Once you reach a certain amount, use it to make an extra payment toward your highest-interest debt.

Using First Service's Daily Cash Back Checking to Your Advantage

With First Service's Daily Cash Back Checking account, there’s no need to change your spending habits drastically. Every time you pay with your FSCU debit card, you earn cash back the same day, helping you stay on track with your debt payoff plan. Here’s how you can make the most of it:

• Set a Goal: Decide where your cash back will go each month. For example, if you receive $20 in cash back monthly, commit to putting that amount toward your credit card balance.
• Track Your Progress: Keep an eye on how much cash back you earn and how much of a difference it makes in reducing your debt. This will help you stay motivated and might inspire you to use your debit card more strategically.
• Automate Payments: Link your checking account to automatically direct earned cash back into a separate account dedicated to debt payments. It’s an effortless way to boost your repayment strategy without even thinking about it.

Boost Your Debt Payoff with Everyday Spending

The road to becoming debt-free can seem daunting, but with the right tools and strategies, it becomes much more manageable. A daily cash back checking account gives you an additional way to supercharge your debt repayment without requiring extra income or drastic lifestyle changes. By simply using your debit card for everyday purchases, you’re creating an ongoing stream of funds that can help chip away at your debt balance.

Start Supercharging Your Debt Payoff Today 

First Service's Daily Cash Back Checking account is designed to help you get more from your money. By earning cash back on everyday spending, you can add momentum to your debt payoff strategy, helping you reach your financial goals faster. It’s one of the easiest ways to turn your regular spending habits into a tool for financial freedom.

Ready to get started? Learn more about how our Daily Cash Back Checking account can help you supercharge your debt repayment strategy!