2873: Simple Answers to 7 Common Debt Questions by Chelsea of Smart Money Mamas on Saving Money

Optimal Finance Daily - Financial Independence & Money Advice

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Episode 2873:

Chelsea from SmartMoneyMamas.com dispels common myths and provides clear answers to seven frequently asked questions about managing debt. She emphasizes the importance of understanding credit scores, balancing debt repayment with investments, and using credit cards responsibly. This practical guide helps you navigate financial decisions with confidence and clarity.

Read along with the original article(s) here: https://smartmoneymamas.com/simple-answers-to-7-common-debt-questions/

Quotes to ponder:

"A high credit score does not necessarily mean that you are financially secure, nor does a low credit score mean that you are in financial trouble."

"You never want to pay high interest rates to keep the option for low-interest rate debt. Plus, you don’t actually need to!"

"My rule of thumb is to first secure a decent emergency fund, then pay down high-interest (+9%) or variable rate debt, and then make sure you are putting away at least 10% for retirement."

Episode references:

Soldier’s Angels: https://soldiersangels.org

VantageScore Solutions: https://vantagescore.com

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