Debt reduction may be high on your list of priorities if you’re one of the increasing number of people with high personal debt.
Around the western world, levels of personal debt are at record highs – largely driven by the power of consumerism, the use of credit cards and more easily attainable loans through sometimes ‘predatory’ lenders.
Don’t get me wrong – debt is not a bad thing, but the ‘type’ and ‘level’ of debt you’re in might be. The important thing is to understand your debt and have a strategy for paying off your debts by having debt reducing goals.
So you need to know:
Remember that debt is not bad, it’s all about how you manage it - and this should be the focus of your debt reduction goals.
There is a debt record sheet in the ToolBOX under the section on Financial Tools you can use to track your debts. You can also use the Saving Plan in the ToolBOX as part of your debt reduction goals.
And check out our sister site Your Money and Finance - it has a section dedicated to loans and finance.
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