Make this a priority.
Debt is expensive – financially, emotionally and mentally.
It increases stress levels and anxiety.
It keeps you emotionally obligated to individuals whom you are financially indebted to.
It has a huge financial cost. When you service your credit card debt of around 24% annualised, be extremely mindful of the fact that this debt costs you a lot more than you can ever earn elsewhere. Even if you are servicing a much cheaper loan say 12% per annum, once you clear it there is an immediate return there. As Morningstar’s director of personal finance Christine Benz points out that debt paydown offers a guaranteed return on investment equivalent to whatever your interest rate is.
Remember, you are already dealing with inf…
Read the full article at: https://www.morningstar.in/posts/75297/3-steps-to-get-out-of-debt.aspx