Take Control Of Debt Repayment Comments Off on Take Control Of Debt Repayment
Editor’s Note: This article is adapted from “Spending vs. Saving vs. Debt Repayment,” Chapter 2 of The High Achiever’s Guide to Wealth.
Pick up your own copy here to read more on this topic and many others.
Debt can create a vicious cycle, as compound interest makes the problem progressively worse. Not only does it cost you money, but it can detract from reaching your long-term financial goals.
At the same time, debt can often trigger feelings of shame or appear to be an insurmountable problem. Try to keep your debt in perspective and remember that you can take concrete steps toward paying it down. Debt is not a problem to solve overnight, but in most cases, it is solvable. You should also remember that you are not alone. In late 2019, the Federal Reserve reported that American households owed a collective $14 trillion – and that was before the stresses of the COVID-19 pandemic. Debt is a