How to Deal with Debt

Dealing with Debt - Part of the special series on the 7 Pillars of Financial Wellbeing

For many of us, some form of debt is a fact of life, but in my view it’s something we should use for our advantage rather than against us.

Carrying a lot of consumer debt such as credit cards and loans acts like an anchor dragging behind us or trying to drive with the handbrake on. Not that I am demonising all kinds of debt, far from it. How difficult would buying a house be without a mortgage or many of the functions of modern life without some kind of credit option?

My purpose here is to encourage you to pause for a moment and think about how much debt you have and how quickly you can pay it off.

In this episode we look at 3 ways to reduce the impact of consumer debt including:

• Banish minimum payments
• Switching to a lower APR and
• Using the Snowball effect to eliminate your debt in record time.

Resources mentioned

Save money on your credit cards video

The Financial Liberation Programme