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5 Smart Strategies to Eliminate Debt in Tough Economic Times
Manage episode 441272809 series 2854558
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Welcome to this week’s Money and Investing Show with your hosts Andrew Baxter and Mitch. In this episode, we address the pressing issue of debt, a challenge many are facing in today’s economic climate. We’ll walk you through five practical steps to help you not only get out of debt but also develop habits to avoid slipping back into it.
We kick off by discussing the importance of understanding the root causes of your debt, identifying the difference between good and bad debt, and prioritising your repayments. Consolidation and side hustles are highlighted as effective strategies to manage and reduce your debt load.
We also look at common mistakes to steer clear of, such as getting caught in store credit traps and balance transfer pitfalls. Lastly, we stress the importance of changing your spending habits and seeking assistance from financial institutions when needed.
Tune in for actionable advice and begin your journey towards financial freedom today. Don’t forget to take notes and, most importantly, take action!
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