The Debt I refer to here is Consumer Debt that is linked to the acquisition of lifestyle comforts, whims or desires.
This type of debt can really leave you with economic insecurity and a limited financial future is best avoided. Entering into debt for business reasons or to accumulate assets is often necessary and indeed wise as long as it is part of a well thought out Business Plan or Investment Strategy.
How start Paying off debt.
If you have any non-mortgage debt, loans, credit card debt etc. take 10% of your income and use it as an extra resource towards paying off debt. Get those debts paid down as quickly as possible because each day you have them they cost you more and more money, unfortunately this the wonderful principle of compound interest working against you.
Paying off debt could be the best investment you ever make.
Although you are paying off debt, if you look at it another way you are really making an investment. It may also prove to be the best investment you ever make.
For example:
If you have credit card debt and the interest rate is 18% per annum and if you pay it off, you are saving yourself having to pay out...
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