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Here are tips to help pay down your debt


Debt can be useful—it can enable you to buy a home or purchase the car you need to get to and from work. But other debt—for example, credit card debt—can cost you a lot of money in interest and prevent you from meeting your long-term retirement savings goals.

Are you carrying a safe amount of debt?

Find out by checking your Debt to Income ratio, which is a guideline you can use to help you identify how much debt is safe for you.  Generally, a manageable debt to income ratio should be less than 36% since it does not put undue stress on your finances.

Debt Payment - 36% of Pretax Income


Here are some recommended practices that can help improve your situation.


Create and stick to a budget

The first step in understanding your financial situation is knowing how much you are spending and on what. Use our Monthly Budget Planner to determine where your money is going, what your necessities are and if you are on track.

Prioritize your current debt

One of the first financial goals should be to pay off high-interest consumer debt first, like credit cards.  Interest payments are high and can’t be deducted from your income tax.

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