|Many people find themselves owing money, whether it’s a credit card, car payment or student loan. And while debt is common, there are compelling reasons to reduce and eliminate it.
The Many Costs of Debt
Debt can also get in the way of your housing goals. Lenders may hesitate to award you a mortgage if your debt-to-income ratio is too high. Debt can also hurt your credit score, which is a metric landlords use to screen tenants.
Strategies to Pay It Down
There are pros and cons to each strategy. And regardless of which approach you take, you may slip up a time or two; don’t let that deter you. Just keep your focus on why you want to eliminate your debt and be sure to celebrate your small victories along the way.