Debt is a generosity killer. It hinders your ability to live with open hands.
In this podcast, Robby and I discuss why getting into debt is such a bad idea, and how you can get out of it.
The discussion points include:
- The high interest rates
- The minimum payments
- It is debt on a depreciating asset
- It is a symptom of something more significant
- It hurts your generosity
And, of course, we leave you with this week’s Money Challenge:
Map out your own debt snowball. Put all of your debts, except for your mortgage, in front of you. Place them in order from smallest balance to largest balance. Congratulations you have just mapped out your debt payoff plan. This is the order in which you need to pay off your debt. Now go do it!
And be sure to check out this week’s Word of the Week–FICO score.