As of April 2023, the average American is holding about $5,200 in debt. Couple that with the average credit card interest rate of a little more than 24% and many think paying down their debt is nearly impossible.
highlights some real-life moves consumers can take to climb out of bad debt and recognize what good debt is.! Since interest rate rises are now much higher, this environment helps light a fire under our fannies to focus on paying off these debts. Use this energy to your advantage!. List them all, in interest rate size order! From largest to smallest. This creates targets to shoot at. It’s what I call the Credit Card To-Do List. Knock ‘em off one at a time. Visualize them gone!.
He hopes that people start with a game plan to ensure they can get to a more stable financial footing.“Knowing what you’re attacking is a great move in the direction that you want to go,” Salmeron said. “Remember, there are the bad debts – those that prevent us from growing our wealth. Think credit cards, discretionary personal loans, payday loans, etc. Then there are good debts – those that help us grow our wealth like mortgages, certain real estate investment loans, student loans, and others.
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