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Credit card debt in the US recently reached $1 trillion in the second quarter of 2023 – for the first time ever. Economists cite reasons like inflation and rising interest rates as major contributors to this debt crisis.
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👨🏻💻 Sign Up for My Webinar: ----------------- Know your numbers and where you’re starting from. The first step is to create a balance sheet that gives you a holistic look at your finances. What are your liabilities and assets? Write down all of your debts, including amounts and interest rates, so you have a clear understanding of your total debt.
Make high interest debt your number one enemy. Anything you’ve listed out that has a rate above 8-10% should be paid down as quickly as possible. If you have credit cards that are racking up interest to the tune of 20%, it can be difficult to make progress on your financial goals. Start where you can, and set an intention to pay down these high interest debts.
Begin thinking of ways to diversify your income streams. Whether you buy a performing asset, start a business, or even pick up a side hustle like Uber or Doordash. More income will help you pay down your debts faster. Remember, relying on one income stream is going to make it difficult to reach your financial goals. This is a topic I could speak about all day, but I want you to consider how you can add another income stream. Rental properties, freelancing, entrepreneurship, investing, affiliate marketing, and digital products are just a few ideas of ways to start expanding your income. My favorite way to create streams of income is through real estate investing, and I have tons of videos here to help you learn about realistic ways to add rental properties to your portfolio.
Consider ways to lower those exorbitant interest rates. Whether it’s through negotiation, consolidation, or balance transfers, there are ways to knock down those high interest rates so you can actually make progress on paying down debt. Otherwise, the interest continues to add up, costing you more money each month. ----------------- DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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By: Morris Invest Title: This is DEVASTATING to America''s Credit Score | Morris Invest Sourced From: www.youtube.com/watch?v=ptRuROK1FIY
