Are you managing your debt? Or is it managing you? If you're stuck in a money quicksand trap, you may not even realize at first that you're in a financial predicament, especially if you're sinking slowly and have been poorly managing your cash for a long time.
Are you managing your debt? Or is it managing you? If you're stuck in a money quicksand trap, you may not even realize at first that you're in a finan...
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- Start by taking inventory of all your outstanding debts. - Look for ways to maximize your disposable income so you can put more money towards your ...
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Entering one’s twenties often marks the beginning of true financial independence, a period of exciting possibilities juxtaposed with significant eco...
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Navigating the labyrinth of healthcare debt requires a unique blend of financial strategy and systemic understanding, distinct from managing other for...
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It diverts funds from critical goals like retirement savings, emergency funds, and debt repayment, delaying financial independence and creating long-term vulnerability.
This rule allocates 50% to needs, 30% to wants, and 20% to savings/debt repayment. For those with high debt, adjust by reducing "wants" and increasing the debt repayment percentage.
These tools allow homeowners to borrow against their home equity. They often offer lower interest rates than unsecured debt but put your home at risk if you cannot make payments. They should only be used cautiously by those with stable finances.
It is generally considered a last resort for individuals with significant unsecured debt who cannot qualify for a DMP or consolidation loan and for whom bankruptcy is not an option or is undesirable, though the risks are very high.
Explore options for a side hustle, freelance work, overtime, or a part-time job. Every extra dollar earned that is put toward debt repayment directly lowers your principal balance, which in turn reduces your minimum payments and improves your PTI over time.
