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10 beliefs keeping you from spending down debt

Thursday, February 6th, 2020

10 beliefs keeping you from spending down debt

In summary

While settling debt is dependent upon your finances, it’s also regarding the mindset. The very first step to leaving debt is changing how you think of debt.
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Financial obligation can accumulate for a variety of reasons. Perchance you took away money for college or covered some bills with a credit card when finances were tight. But there are often beliefs you’re possessing being keeping you in debt.

Our minds, and the plain things we think, are powerful tools that can help us eradicate or keep us in financial obligation. Listed here are 10 beliefs which will be keeping you from paying down debt.

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1. Pupil loans are good debt.

Student loan debt is often considered ‘good debt’ because these loans generally have relatively low interest rates and can be considered a good investment in your personal future.

However, thinking of figuratively speaking as ‘good debt’ can make it an easy task to justify their existence and deter you from making an agenda of action to pay them down.

How to overcome this belief: Figure down exactly how much cash is going toward interest. (more…)