Identify Your Needs

I am now trying to pay off my holiday bills

Paying off holiday bills can be difficult, but you’ve made up your mind to pay off the bills before accumulating any more interest. After all, it can be discouraging to have a large portion of your hard-earned money leave your pocket each month to pay credit card interest and other fees.

Find a solution that gives you peace of mind

While discussing debt management with your Raymond James financial advisor, there are various relief tactics you can explore. Taking out a low-interest loan or selling securities are two viable solutions.

Taking a low interest loan

Raymond James Bank¹ understands that you have lending needs, so they offer a lending program that can help pay off your debt. The bank offers competitive interest rates and fees, often considerably below those offered by other financial institutions.

Your financial advisor can arrange for these loans, as well as discuss any other questions you might have. He or she can compare the current interest rates and help you decide if a loan is more appropriate than selling securities.

Selling securities

Before selling securities to pay off your debt, you may want to talk to your financial advisor about your other alternatives. If you sell the stock now, you’ll lose the dollar-cost averaging benefits you have achieved as soon as you sell, and you may need to pay taxes on gains. Or if current market conditions are poor, you could lose a significant portion of your principal.If you do decide to sell, you might want to consider keeping a minimal amount of shares in the plan so the account isn’t closed and you can always begin to invest in the plan again without fees or the enrollment hassle - once you are out of debt. This can be a difficult decision that you should discuss with your financial advisor.

Borrowing against securities

Instead of selling securities to pay off a debt, you might want to consider borrowing against them. Raymond James Bank offers loans against existing securities held in a Raymond James investment account, a useful financial tool for paying off a large debt while maintaining your securities.

You probably invest to find great companies that you can hold for a few years. Taking a loan against a security - instead of selling it - may pay off in the long run. If this type of loan interests you, discuss it with your financial advisor.

Seeking help from your financial advisor

Sometimes the best way to manage debt is to seek assistance from a professional who is trained to help you meet your financial goals. Your financial advisor will listen to your debt issues and put your needs first. At Raymond James, we offer a variety of choices for you to pay off your holiday bills and overcome various forms of debt. Contact your Raymond James financial advisor or use the Office Locator to find our office(s) nearest you today to discuss ways to manage your current - and future - holiday bills.

¹Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. are affiliated with Raymond James Bank, a federally chartered savings bank. Unless otherwise specified, products purchased from or held at Raymond James & Associates or Raymond James Financial Services are not insured by the FDIC, are not deposits or other obligations of Raymond James Bank, are not guaranteed by Raymond James Bank and are subject to investment risks, including possible loss of principal invested.