Having a constant plan to get out of debt will help you keep your finances in order.
When you keep your focus on your debt and money situation, you are able to better control it.
Most advisors will tell you that you need to be debt free. Yes, that is the ultimate goal, but for many people, it isn’t exactly reality. There are situations, like buying a home, in which you have to accept debt.
There is good debt and bad debt. Good debt is debt you can afford and bad debt is debt you can’t afford. That’s all there is to it. If you can afford your mortgage, car payment and RV payments, then it is alright. If you can’t, then it isn’t good debt.
When it comes to credit cards, however, they are bad debt, regardless. You will eventually reach a point where you can’t afford them. That is almost guaranteed.
The key is to constantly work to paying off yoru debt. Start with your credit cards and high interest loans. Focus on paying off the cards with the highest interest rates to start with. This will save you money in the long run.
Once you have all of your credit cards and personal loans paid off, start working...
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