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While support payments provide income, relying on them can be risky if payments are inconsistent. Conversely, paying support can strain the obligor’s budget, increasing their debt risk.
Even while repaying debt, contribute a small, fixed amount to savings automatically each month. Treat it as a non-negotiable bill. This "snowball" approach for savings builds the habit and provides growing protection.
If you have outstanding debt, creditors can sue you and potentially win a court order to garnish your wages. This includes up to 15% of your Social Security benefits (though disability and SSI are often protected). This can drastically reduce your primary income source.
Your net worth improves through the interest you avoid paying. The money that would have gone toward future interest payments is instead preserved as part of your assets (your cash) or can be redirected into investments, which are appreciating assets.
By identifying and cutting back on inflated expenses, you free up significant cash flow. This money can be redirected toward accelerating debt payoff, saving you thousands in interest and shortening your time in debt.