Fit Small Business - How to Get Out of Debt: 25 Tips
Matt Hylland of Hylland Capital was recently quoted in this post on Fit Small Business about getting out of debt.
The article collected comments from 25 different personal finance gurus, and you might recognize the first person on the list:
Getting out of debt is a great goal to have, but if not planned properly you can cost yourself much more in the long run.
You are likely balancing several different types of debt. You may have a mortgage, a car loan, student loans, credit cards, and more. Which should be paid off first? What makes sense to allocate extra money towards each month?
And also often not considered - Should you do something else with your extra cash each month instead of paying down debt? Many people struggle with not only determining which debts to pay down first, but balancing also saving money at the same time. Should you pay off your high interest credit card debt over investing in a Roth IRA? Possibly. Should you pay off your mortgage before investing in a Roth IRA? Probably not.
Need a plan to help you get out of debt? Or need help finding out whether you should pay down debt or invest? If you want to tackle it yourself - Our free financial planning software can help you get started.
If not, let us help:
The entire article on Fit Small Business can be found here: https://fitsmallbusiness.com/how-to-get-out-of-debt/