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🤑 Debt can be a tool, but it can also become a burden. Debt management 101 equips you with the vocabulary to tackle your debt strategically. Here are some key terms to know:
1️⃣ Debt: Money you owe to others, typically with interest charges. Examples include moneytips #moneysavingtips #personalfinance #debtmanagement101 #jennfinance #hermillennialmonies #debtavalanche #debtconsolidation #moneysavingtipsike a mortgage for a house.
Bad Debt: Debt used to finance depreciating assets or everyday expenses, typically with high-interest rates, like credit card debt.
3️⃣ Debt Inventory: A list of all your debts, including outstanding balances, interest rates, and minimum payments. This helps you understand the full picture of your debt situation.
4️⃣ Debt Consolidation: Combining multiple debts into one loan with a lower interest rate, simplifying your repayment process.
By understanding these core definitions, you can develop a debt management plan that empowers you to take control of your finances and achieve your debt-free goals!
#lemon8partner #moneytips #moneysavingtips #personalfinance #debtmanagement101 #jennfinance #hermillennialmonies #debtavalanche #debtconsolidation #expenses