Dealing With Debt

When you're paying down debt, persistence and a systematic approach pay off.

We all have goals in life that require money. Some may be long-term, like having money for retirement. Others may be just around the corner, like buying a car. In some cases we're not able to save quickly enough, so we make purchases on credit. This is not necessarily bad, when done responsibly. However, if you struggle just to pay off debt you've already accrued, it's impossible to save for future goals. This video looks at a specific example of how to go from owing money to saving money.

Key take aways:

To achieve your financial goals, plan ahead and save in advance.

Target one of your debts, and focus on paying it off first.

Set a budget to control spending.

Establish an emergency fund to avoid acquiring more debt.

Establish goals and assess your progress.

Video Sources:

How much credit card debt does the average cardholder have? Estimates projected this amount to be $6,500 by the end of 2010 according to money-zine.com accessed on July 29, 2011.

Financial Readiness Videos

• • Dealing With Debt
• • Interest Rates
• • Traditional vs Roth
• • Identity Theft and Scams
• • Your Credit Score
• • Investing Basics

Additional Resources

• • Additional Online Resources