Debt reduction is the process of decreasing your debt balance. Refinancing and reorganising your debts can be strategies you could employ to reposition your debt for more efficient payoff.
There are several ways you can try to begin reducing your debts. This can include paying back more than the minimum payment, drafting up a budget, negotiating lower interest rates on your credit cards, as well as consolidating debts. Our trusted team can tailor a debt reduction plan that will effectively work to your needs.
The primary difference between ‘good debt’ and ‘bad debt’ is the possibility for that debt to help you build wealth over time. Debt can become ‘good’ if you are utilising it to invest in an asset, such as property or shares, which may generate an income over time.