Debt is an inescapable part of life for many Americans, affecting not only our financial stability but also our mental health and overall well-being. While not all debt is created equal, it's important to carefully consider the type of debt you're carrying and how it impacts your financial goals. The average interest rates on "good debt" can help determine what makes a high rate.
When it comes to prioritizing debt repayment versus investing, the decision can be a tough one. On one hand, investing can potentially yield higher returns over time, while on the other hand, carrying debt can weigh you down financially and emotionally. English philosopher and statesman Francis Bacon said, "Knowledge is power." American President Andrew Jackson said, "Money is power."
Pay Dirt is Slate's money advice column. Have a question? Send it to Athena and Elizabeth here. (It's anonymous!) Dear Pay Dirt, I have been debating whether to focus on paying off my student loans or start investing in the stock market. What should I do?
New year, new financial goals: If you're starting the new year with a list of resolutions, consider adding some financial to-dos, such as creating a budget, building an emergency fund, and tackling your debt. Prioritizing debt repayment can set you on the path to financial freedom and security.
Andrea, also known as itsdreak on YouTube, and her husband Feliks went from barely surviving on food stamps to having a successful online business. Their journey highlights the importance of prioritizing financial goals and making strategic decisions to achieve financial success.
When you're bogged down in debt, whether it's credit cards, loans, or some combination of both, setting aside money to invest can be challenging. However, focusing on paying off debt with low-interest rates first can free up more resources to invest in the future.
The way people handle their money often defies logic. Take credit card debt, for example. Why would anyone carry credit card balances from month to month when the interest rates can be exorbitant? Prioritizing debt repayment can save you money in the long run and put you in a better financial position.
Policymakers should ensure that all nonprofit hospitals fulfill their charitable mission and their obligation to address community needs. By prioritizing financial responsibility and accountability, nonprofit organizations can better serve their communities and make a positive impact on society.
