May 25, 2007, Newsletter Issue #65: Loans and Debt – The Ultimate Catch 22

Tip of the Week

How many of us are in debt? According to statistics, more people are in debt than own a car in the United States.

How do most people get pout of debt? They do not.

Most people will take out loans to consolidate debt or just reduce the interest rate on their current debt. Loans and debt, more debt and more loans, and the cycle continues without end. How can you best decide how to manage your loans and debt in order to eventually get yourself free from both? Here is how.

Do not let yourself keep building the debt. Yes, sometimes loans and debt are necessary for education, medical emergencies, or other reasons that we all face at some point. However, these types of loans and debts should not be allowed to inflate into much larger problems. Too often this happens and people are paying off those ‘necessities' for far too long.

For help managing your loans and debt, consult with a professional financial advisor. They can examine your current loans and debts to tell you how you got there, and how you can get out. Usually, a long term financial plan is the best option to eventually eliminate loans and debt from your life, permanently.

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