Getting Out of Debt to Save and Invest
Getting Out of Debt So You Can Begin Saving and Investing
Debt is a serious problem. According to a recent Gallup survey (source: Gallup https://www.gallup.com/poll/168668/americans-rely-less-credit-cards-previous-years.aspx) the average American has 3.7 credit cards while a whopping 71% of us having at least one card. As you can see, getting out of debt is a serious issue you may have already had to address.
Furthermore, according to a survey by Bankrate.com (Source: Bankrate https://www.bankrate.com/finance/consumer-index/many-americans-living-paycheck-to-paycheck.aspx) a shocking 32% of us say we live paycheck to paycheck, and that staying current or getting caught up on bills is our main financial concern. In uncertain economic times like these, we need a plan and we need it fast.
Here are a couple quick reasons why you pay your debt off as quickly as possible. Don’t like mine? Get a paper out right now and make your own. Write out your personal why.
Increase Your Credit Score to Begin Getting Out of Debt
Reducing your balance-to-limit ratio on your credit cards can increase your credit score. Your credit utilization should be no more than 30% but the lower the better! Paying off your cards each month is ideal.
