Manage your debt

So, debt doesn’t hinder you from financial independence. What it does is it slows you down. So, make a plan to pay off your debts steadily without putting pressure on your income. Now, listen very carefully, do not take on unnecessary debts. Let’s put it this way, limit taking a loan only for investments. All right, when clearing your debts, the best thing is to start with those that have a high interest rate. For instance, credit card debts should be paid off faster than student loans. While we’re on the subject of credit cards, only use it on the very necessary items. And it should be an amount that you can pay off within the month. Still, do not continually increase your credit card debt. Learn to live within your means. Always remember what your goal is, to be financially independent and acquiring debt will impede your progress.

As usual, if you have any questions, Ask the Fellow!

 

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