Campaign Debt Is Not Uncommon
Political campaigns harness our competitive nature, especially when the election is close. Most candidates will do anything, or pay anything, they can to get ahead of their opponent. However, this can become a problem when your campaign isn’t raising as much money as you initially predicted. When Election Day comes and goes and your campaign’s bank account is in the negative, don’t panic. There are ways to pay off your campaign’s debt reasonably and efficiently.
A tried and true method of paying off campaign debt is post-election fundraising. Candidates that win the election have an easier time gaining support of the donors and PACs that helped them get elected. However, if you lost the election, it may be difficult to amass that same support. Re-targeting your most generous and loyal supporters may garner some contributions. Look for donors that donated early on in your campaign and often. Applying those contributions directly to your debt will ensure it is paid off in a timely manner.
Another method that works well for paying off debt is the debt snowball. The rule of thumb is typically to pay off debts with higher interest rates first. Once paid off, apply those payments to the next loan with the next highest interest rate. Through time, your debt will be paid off in a shorter time than initially predicted if you paid the minimum amount possible.
Use MoneyMail to send out a fundraising email today and tackle that debt! Paying off post-election debt isn’t easy, but our online fundraising tools make the goal much more attainable.
If you haven’t already, sign up for RaiseTheMoney.com to maximize online donations. We wish you luck in your fundraising endeavors!