I’d like to continue this video series which is a Summer Financial To-Do List. Hopefully, this will be a helpful nudge to listeners to improve their finances this summer.
And today, I want discuss Reassessing your debt: If you have debt, it’s a good idea to review it from time to time. There may be opportunities to consolidate it or possibly transfer the balance to a 0% promotional opportunity even in this relatively high-interest rate environment. There is no reason to pay 15-20% on credit card debt if you can avoid it.
And remember, when it comes to debt the people who are in the best shape financially are generally those folks who are not indebted to anybody. Even the most sophisticated investors and institutions can run into trouble if they don’t carefully monitor their debt levels. Eliminating debt is one of THE most powerful financial positions one can find themselves in.