Basic Steps to Reduce Debt

confusionMany people have the goal to pay off their debt. But, which debt to pay off first?

It is helpful to understand that there are three (3) categories of debt:

Bad

Necessary

Good

You want to pay debt off in that order (and not add anymore debt in that order too).

Read more about these 3 categories in my syndicated article below:

 

Article posted at AdviceIQ.

Original blog … “Basic Steps in Reducing Debt … that inspired this syndicated article (with link to budgeting resource, etc).

Note: Your RSS feed or email may not show the embedded part of this blog … please go to the blog website to see the embedded media part of the post.

Click to Tweet

About Larry Frank, Sr.

Larry R Frank Sr., MBA, CFP®, is an experienced financial advisor and a published author on Retirement Planning Research. Have a financial question? Click Here to Ask Larry

, , ,

2 Responses to Basic Steps to Reduce Debt

  1. Larry Frank, Sr. December 19, 2013 at 8:26 am #

    What happens to your debt if you die unexpectedly? If there is no cosigner, the lender will seek to collect the debt from the estate, which could result in the sale of assets including homes, cars and other property. If a spouse, child, parent or anyone else cosigned a loan with the deceased, the cosigners are liable for the debt. A spouse is responsible in a community property state even if he or she did not cosign the loan. http://myirionline.org/docs/default-source/research/debt-the-inheritance-no-one-wants.pdf?sfvrsn=0

  2. Larry Frank, Sr. August 15, 2014 at 12:11 pm #

    Here’s an interesting short article on what your “utilization ration” is, how it is calculated, and how you can use it to your favor:

    http://www.kiplinger.com/article/credit/T017-C001-S003-understand-your-credit-utilization-ratio.html

Leave a Reply

Are you human? Click the Banana...