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Mom Pays Son’s Debt: Should You Consider Paying Your Child’s Debt?

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Mom pays sons debt

Most of us have heard a story about a mother, father, or family members stepping forward and paying someone’s debt. When it comes down to it, reading things like “mom pays son’s debt” is pretty disheartening. Why not give your child the tools to better their finances on their own, something that will undoubtedly help them for years to come.

“Mom Pays Son’s Debt”

Some would argue that if you have the ability to do so, why wouldn’t you pay off your child’s debt and help them start their life off on the right foot? While that is a valid argument, there is a good chance they’ll land themselves back in debt without the proper financial education.

This is increasingly a problem for millennials. In fact, 1 in 4 parents of millennial children pays their child’s bills (even though they work full time). Half of the millennial children are still on their parent’s cell phone plan. One-third relies on their parents to pay their car insurance, car payment, utilities, and even rent. Additionally, they are making payments on their children’s student loans, taking the bulk of the $1.4 trillion student loan debt.

And those are the kids that are working full time. When you take into account those who are working part-time or are without work, parents are footing a lot of the bill for their grown children.

Should You Consider Doing This?

Many parents risk absolute financial ruin if they help their children in this way. You’ll put off your own retirement, your own financial goals, and even go into debt yourself helping your child.

When it comes to whether your not you should consider settling up your child’s debt for them, the answer isn’t yes or no. Of course, you wouldn’t ever tell a parent to not help their children. However, rules need to exist. If your child needs financial assistance from you, they should be able to explain why.

Then, you should take steps to better educate your child about financial planning. Have open discussions about saving, debt freedom, buying a home, and other important topics. Making a comfortable environment for your child to talk about their financial concerns can help you help them and inspire them to take better care of their money in the future.

Readers, are there any instances where you would pay off your child’s debt?

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Here’s How to Gauge How Long It Will Take You to Pay Off Debt

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how long to pay off debt

Anyone who has tackled paying off their debt knows having a timeframe doesn’t always work out. However, having an idea about how long to pay off debt can help drive you to meet your financial goals. Luckily, there are plenty of tools to help you put a finish line in your sights.

How to Determine How Long It’ll Take to Pay Off Your Debt

Of course, the key factor in how long it’ll take you to pay off your debt is how much debt you carry. To do this, I’ve opened a Credit Karma account. This gives me a snapshot of all my open accounts and the total amount of debt I carry. Once you get that number in your head, you know where you stand in your debt free journey.

Next, you’ll need to separate your individual accounts by amount and interest. Some people organize these by highest-to-lowest interest (how I do it) or you can organize it by lowest-to-highest amount owed. After you’ve organized your information, you can gauge how long it may take to pay off each piece of debt.

Tools to Gauge How Long to Pay Off Debt

There are a plethora of debt calculators on the internet. However, not all calculators were made the same and not all will give you the same information.

Most debt calculators have you enter some basic information:

  • Amount owed
  • Interest rate
  • Current/expected monthly payment
  • OR desired payoff timeframe

The last two bullet points are where the biggest difference is to be seen. If you are planning to only maintain the current monthly payment, rather than setting a timeframe for paying off your debt, your outcome may be drastically different. Here’s an example:

Auto Loan With Current Monthly Payment

  • The balance owed: $22,074
  • Interest rate: 4.8%
  • Current monthly payment: $488.74

How long to pay off debt: 50 months

Auto Loan With Timeframe

  • The balance owed: $22,074
  • Interest rate: 4.8%
  • Timeframe: 24 months

Expected monthly payment to pay it off in 2 years: $966/month

Debt Calculators to Try

If you want to find out how long it will take you to pay off your debt, there are two calculators I’d suggest checking out.

  1. Credit Karma: I can’t say enough about Credit Karma and the services they provide. Not only can you get your free credit score, but they also provide you with tools to help you pay things off.
  2. Calc XML: This site has a fantastic debt calculator that will help you figure out how long it’ll take you to pay off your debt based on your current or expected monthly payment.

When you look at paying off your debt, it is good to set goals. However, it is also important to not get discouraged when looking at the timeframe and monthly payments. You can use the tools above to determine a reasonable timeframe. Remember, everyone’s debt freedom journey is different!

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Suicide Prevention Awareness Month: Remember, Your Debt Doesn’t Define You

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Did you know nearly 30,000 Americans commit suicide every year? Although there are many reasons someone may choose to take their own life, in many cases, finances play a huge role in suicide. More specifically, individuals in debt are more likely to have suicidal thoughts. So, as a part of the 3rd Annual Suicide Prevention Awareness Month blog tour, I wanted to share some more of my personal debt story.

suicide prevention awareness

September is Suicide Prevention Awareness Month

According to research performed by the Money and Mental Health Policy Institute, there is a clear tie between finance and suicide. Individuals who’ve experienced a major financial crisis within the last six months are eight times as likely to have suicidal thoughts than those who aren’t holding any financial stress. The study went on to say that people with multiple debts, or individuals who are unemployed, are especially at risk.

Drowning in Debt

As you all know, I’m currently holding about $65,000 in debt with my other half. Although we already steadily work on paying things off, it gets heavy. Every time money comes in, it is going out on yet another debt repayment or bill.

If you’ve been following the blog for a while, you know that $65,000 in debt is still an improvement upon where I once was. At one point, I was homeless (living in a motel). I needed desperately to pay off a $1,600 debt in order to be able to have a home again. During my six months of being homeless, I hit some of my lowest of lows and, yes, even contemplated taking my own life.

I felt like life was a constant struggle with no relief. On top of feeling like I had no way out, I also felt as though my debt was burdening others. My other half just relocated nearly five hours to start a life together and I felt as though I was holding everything back – for him, for both of us. Not to mention, I was so broke and so tied down with finances that I couldn’t see many of my friends. I didn’t have a vehicle. I didn’t have money to go out. I felt alone.

Wake Up Call

We got a windfall that allowed us to pay off the $1,600 initial debt that was holding us back and got moved into an apartment within two months. After I got that paid off, I realized that things could (and would) improve as long as I remembered I wasn’t alone. More importantly, I remembered my life was more important than the debt I carried.

Debt is exhausting – emotionally and physically at times – but it is something most people have faced in their lives. If you feel like you are alone in this, you’re not. Millions of people are in debt, but it does not have to be a death sentence. I am living proof!

Startling Suicide Statistics

Because this month is about raising suicide prevention awareness, I wanted to leave you all with a few statistics and resources.

Who is at Risk?

  • Suicide rates are highest in the spring.
  • For individuals between the ages of 24 and 35 suicide is the second leading cause of death.
  • Women are more prone to having suicidal thoughts, however, men make up 79% of all suicide deaths.

However, everyone is at risk for suicide if you experience depression or are feeling overwhelmed in life.

Suicide Doesn’t Fix Anything

I have lost family members and friends to suicide and I personally know the pain it can bring. Whether you’re up to your eyeballs in debt or feel like you are a burden financially, suicide is never the answer. In many cases, it leaves your family to pay for unexpected funeral costs. Not to mention, your family will experience an unbelievable emotional burden that will never be lifted.

Losing someone to suicide is absolutely heartbreaking. Speaking out about the link between money and mental illness, like depression, can help reduce the stigma and prevent further suicides.

This blog post is part of the 3rd Annual Suicide Prevention Awareness Month blog tour. If you are feeling suicidal, please call the National Suicide Prevention Lifeline at 1-800-273-8255 or text HOME to 741741. 

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How to Start Paying Off Debt, According to Dave Ramsey

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Dave Ramsey has been a go-to for personal finance advice for decades. Thousands, and possibly even millions, of people, have turned to him for what they should do next. Ramsey’s specialty is reaching financial freedom, which we all want. The first step to achieving financial independence is paying off your debt.

That sounds way easier than it is though – so, how do you start paying off debt? 

In the video above, a caller details his family’s financial struggle. At the time of the call, they were at least $96,000 in debt and had no clear plan of how to pay it off. Ramsey outlined the following steps to solve the family’s debt crisis.

  1. Get organized. First, get all of your finances into one place so you can see everything. Mint is a great tool to use for this!
  2. Know how much you owe. Once you have all your finances in one place so you can see how each part is moving, write down how much you owe and what kind of debt it is.
  3. Start writing down a budget at the beginning of every month. A written budget is a great way to keep on top of things and you’ll be able to see and plan every part of your finances.
  4. Sell everything you can. In the video, Ramsey tells the caller to sell his $27,000 car. It doesn’t always need to be that drastic, but you can look for things around the house to sell or even downsize to one car if needed.
  5. Identify ways to trim your budget. Once you have been budgeting a month or two, identify places to cut cost. For instance, you will need to cut eating out, going on vacation, and many other fun things to achieve your goal of being debt-free (but it will be worth it). Check out this Budget Planner.
  6. Make extra money when you can. Whether it is picking up a second job, selling personal items, or odd jobs, find a way to bring in some extra cash. Then, put all your newfound money towards paying off your debt.

If you’re interested in learning more about Dave Ramsey’s steps to getting out of debt, check out The Total Money Makeover.

Readers, have you read or listened to Dave Ramsey in the past? What do you think about his response above?

When Should You Take On New Debt?

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I bit the bullet and took on some new debt last month. Over a year and a half ago, I sold my 2002 PT Cruiser for $150 in grocery money (seriously). Since then, I’ve been using bike sharing, car sharing, public transportation, and just walking everywhere I’ve needed to go. Last month, I made the decision to buy myself a new car.

I’ve been working on my credit for some time (pulling it up from a 424 to a 650 in one year) and have been contemplating getting a car for myself. My pup has gotten a bit too big for the two-seater Miata my boyfriend and I shared. So, I got a new car in February.

when should you take on new debt

Before doing so, I was overwhelmed with stress and anxiety over pulling out a loan. I worked really hard to pull my credit score up and wouldn’t want a car loan wrecking it.

Questions to Asked Yourself Before Taking on New Debt

This got me thinking. What questions should you ask yourself before taking on new debt? It can be absolutely nerve-wracking. So, here is a list of questions to ask yourself before taking out a new loan or opening a new credit card:

Will taking on the new debt hurt your credit? Don’t take on any new debt that will hurt your current financial situation. Although this seems like a no-brainer, items you want may cloud your judgment. If the new debt will hurt your score, move on.

Can you use cash instead? If you’re able to use cash and avoid taking on new debt although, do so. Sometimes saving for the item, and having delayed gratification, is more rewarding financially.

What are the repayment terms? And are the payments affordable? Identify how much you can afford to pay on your loan or credit card per month. If the new debt is outside what is affordable for you, don’t open the account. You will also want to be sure to read all of the repayment terms and conditions. For instance, make sure you know whether or not there are any fees for paying it off early.

Will the item last beyond the repayment term? This is especially important if you are in the market for a car. Many new cars cost around $20,000. If you pull out a 6-year loan, it isn’t always guaranteed your car will last throughout (or much past) the loan term. Do research about the item you are buying and be sure it is quality. You’ll be paying for it, and using it, for years to come.

Have you compared services offered by other lenders? Is the new debt you are taking on the best interest rate you can get? To make sure, you’ll want to call around and see what types of rates you can receive at other institutions. Be careful though – running your credit too often can hurt you!

When it comes to taking on new debt, nothing should be taken lightly. Be sure you are asking yourself the right questions and answering them honestly. You don’t want to be drowning in debt with no clear way out.

Have you taken on new debt recently? Did you ask yourself these questions?

Is the Secret to Growing the Economy Canceling Student Loan Debt?

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The United States economy has seen better days, that’s no doubt. The stock market recently saw one of its worst trading days in recent history. Many economists have been debating what could help mend the current climate. Could the secret be forgiving student loan debt?

A recent report says yes. The easiest way to ease the pressure being felt by more than 44 million Americans is to forgive all student debt. (And I’m not just saying that because I’ve got about $24K in student loans…)

A group of economists at the Levy Economics Institute of Bard College found there could be some great benefits if the federal government were to forgive student debt. The report details how young people struggling to pay off a massive amount of debt from college will help the economy as a whole.

While it may sound like a fantasy, it is possible, and it could have a significant and positive economic impact. The report found that canceling all student debt could potentially lead to an increase in U.S. GDP (gross domestic product). How big of an increase, you ask? Economists predict the increase could land anywhere between $861 billion and $1,083 billion over the next 10 years.

In addition to increasing the GDP, economists predict that canceling student debt would also lead to an increase in new jobs (an estimated 1.18 to 1.55 million).

Why is Canceling Student Loan Debt Such a Big Deal?

Why would forgiving student loan debt have that kind of impact on the United States economy? Well, the answer is pretty simple. There are more than 44 million Americans with some type of student loan debt hanging over their heads. Giving 44 million Americans a clean slate, where student debt is concerned, could help the economy greatly. The collective student loan debt in the U.S. is $1.3 trillion, which is higher than credit card debt and auto loan debt held in the U.S.

Who Would Pay the Student Loan Debt?

If the federal government decided to go about canceling student loan debt, it wouldn’t be that difficult. The problem, economists seem to believe, is that government officials consider paying the student loan debt as a zero-sum game. However, canceling student loan debt will free up tons of money to be put back into the economy.

Lawmakers have been able to provide massive tax cuts, and canceling student loan debt would be about the same. In fact, they’d be spending nearly the same amount of money to do so. Economists also found that canceling the debt could also help alleviate poverty.

As you probably know, poverty tends to be a cycle. Generally, people who grow up in poverty tend to live in poverty as adults. However, many people attempt to break the cycle of poverty by going to college. Canceling student loan debt could help ease racial disparities in debt and education. Canceling student debt would help keep borrowing/loans from continuing to support the racial wealth gap between the number of people in the U.S. looking for career opportunities and better employment through higher education.

Final Thoughts

It is your typical millennial response to be like, “Oh yeah. Cancel all the student debt.” However, it could make a significant impact on the economy. Taking into consideration my own student loan debt, I know it would free up $275 a month (more than $3,000 a year). Of course, some of that would go into savings, but a lot of it would also go back into the economy. (In fact, there are things I know I could buy with that money).

So, what do you think about canceling student loan debt? Would it help you? Do you think it’ll help the economy? Let me know in the comments! 

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If You Must Get a Debt Consolidation Loan, Here is How

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debt consolidation loans

Debt consolidation is an option many people turn to when they feel they are drowning in debt. There is no doubt that, for some, it is a great option to consolidate and pay off your debts. So, if you have to pull out a debt consolidation loan, how do you do it?

Consolidate Your Debt in Three Steps

Of course, consolidating your debt isn’t an overnight process. It will take some work and planning on your part. However, it doesn’t have to be complicated. In fact, it is as easy as 1-2-3:

Step One: List Your Debt

Before thinking about taking out a debt consolidation loan, consider whether you have enough debt to consolidate or not. Take some time to write down all of your debt. Include any loans and credit cards you have that need to be paid off. Generally, if this amount is $10,000 or more you can pull out a debt consolidation loan to ease your payments.

Be sure to list each of your debts along with the interest rate. Lower interest rates on payments may be worth simply paying off instead of consolidating. You may also want to consider seeking debt counseling before settling on consolidating your debt.

Step Two: Research Debt Consolidation Loans

Once you’ve established your need for a debt consolidation loan and have identified the debts you want to target, research the different types of consolidation loans available to you. Generally, there are three debt consolidation loans to choose from:

  • Unsecured Loans – Unsecured debt consolidation loans require good credit, which is a difficulty for many people looking to consolidate their debt. These types of loans will allow you to pull out a loan, based on your credit, and consolidate your debts as you see fit, into one monthly payment.
  • Secured Loans – Secured loans for paying off debt don’t always make sense. However, if you’ll save money on the interest they can be helpful. Secured loans allow you to borrow against money you have in savings or elsewhere to pay off your debt with one monthly payment. If the consolidation loan’s interest rate is less than your credit card interest rates or loan interest rates, a secured loan is a great way to go!
  • Private Student Loans – For many people, student loans make up the majority of their debt. If you want to consolidate these, you will have to pull out a private student loan. Many banks offer private student loans and can provide you with a lower-interest loan to pay your education off.

Step Three: Create an Easy Payment Plan

After deciding what debt consolidation loan is best for your repayment needs, determine the terms of your loan. If you can only afford $200 per month towards debt repayment, adjust the length of your loan accordingly. You should also be sure to put your payment date on a date that is always convenient for you. To ensure the loan payment is always made, set up an automatic payment. Making the payments in full and on time will help your credit score significantly.

If you find yourself gravitating towards a debt consolidation loan, you’re not alone. Just be sure you go through the steps above and define the best course of action for you and your finances.

Readers, have you taken out a debt consolidation loan? What was your experience? 

Finding Debt Counseling the Right Way

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should you use debt counseling

There are times when we must admit that we can’t do it all ourselves, especially when it comes to money. Sometimes you’ll need the help of a financial advisor or trusted friend to set up your finances and get you on the right track. However, if debt is your issue, you may want to look into debt counseling services.

But how do you know what debt counseling service is right for you?

About Debt Counseling

If you’ve come to the point that you think you may need debt counseling, don’t worry. There are plenty of great organizations out there to help. For the most part, these are agencies with a number of counselors available to help you.

What a debt counseling agency does for an individual in debt is, instead of paying your regular debt collectors each month, you pay one bill to the debt management company. The company will also negotiate lower interest rates if possible. This can be a great way to consolidate your debt without taking out a loan.

There are some debt counseling agencies that have been exposed as scams though so you’ll want to be sure you’re picking the right one.

Why It’s Important to Pick the Right Agency

Of course, no one wants to be scammed but it is extremely important you pick the right debt counseling agency. If you are set up with a poorly run agency (or even a scam) you could run the risk of hurting your credit even more.

While signing up with the agency themselves won’t do any harm, the management of your debt repayment by the agency can impact your credit. Some scam agencies (or agencies that are poorly run) may turn your payment in late to the debt collector. This could cause your credit score to decrease because of late payment.

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Finding a Debt Counselor

As with most things finance, you’ll want to interview the agency that will be helping you and do plenty of research. A simple Google search of “debt counseling” in your area won’t be enough. Each organization will want to chat with you. You will also want to make sure they are a nonprofit organization (no debt counseling agency you want to do business with is for-profit).

Generally, upon meeting your debt counselor, you will establish a debt repayment plan. Your counselor will be in charge of contacting debt collectors and haggling the interest rates down or removing fees. Once the negotiations are over, you can begin work repaying your debt.

As mentioned above, you don’t want to do business with a for-profit debt counseling agency. After all, what good is paying off all your debt if you have to shell out thousands to do it? You will be looking at $50 or less to sign up for debt counseling services and another $25 to $25 per month on counseling through the debt repayment plan. Some organizations, depending on your financial status, will offer the services completely free.

You may also be able to approach an organization like Crisis Assistance if your financial situation allows. Individuals there will help you get back on your feet and establish a financial plan that works (but your income will need to be within their limits).

No debt counseling agency is the same so, chances are, if you are in need there is an agency out there that can help you. If you are looking for help managing or paying off your debt, go to the National Foundation for Credit Counseling website for more information about debt counseling services.

Photo: Gen X Finance

When is Debt Consolidation a Realistic Option?

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debt consolidation

 

When it comes to paying off debt there are multiple approaches you can take. For some, debt consolidation seems to be the answer but is debt consolidation the best answer?

What is Debt Consolidation?

Debt consolidation is essentially taking out one loan to pay off all (or a good chunk) of your debt.  It is generally used for people who have a large amount of consumer, or credit card, debt. This makes it so that you’ll have one easy payment each month going towards your debt-payoff efforts. For some, this has been the answer to their struggle with debt.

The Problem With Debt Consolidation

The biggest issue with debt consolidation isn’t taking out a loan to pay everything off. The issue lies with the individual’s personal finance approach. Normally, people who consolidate their debt have no plan to spend cash and not run their credit cards for everything. This makes it so that some people who have taken the debt consolidation route may wind up back in tremendous debt. There is also a good chance that they don’t have an emergency savings fund either, which means if an emergency arises it will likely go on their credit card.

And, even if you’ve established a solid plan for saving and reforming your spending habits, debt consolidation may wind up costing you more in the long run. For the most part, people choose debt consolidation to make their lives a little easier and, in some cases, decrease their monthly debt payment. However, debt consolidation loans can come with a higher interest rate and will last much longer than most of your current debt repayment plans. This means you could potentially wind up paying more when all is said and done.

Should You Consider Debt Consolidation?

If you’re thinking about debt consolidation, you’re not alone. There are plenty of people who have consolidated and paid off their debt successfully. And, while there are plenty of things to consider before doing so, it is a viable option for some. If you’re considering debt consolidation, remember the bottom line: Will it cost you more to consolidate? If the answer is yes, don’t.

Also, be sure that you have a solid financial plan for once your debt is consolidated so you don’t go back to the same spending habits. Oftentimes “moving” the debt, like you do when you consolidate, makes people forget about the debt they were in, to begin with.

Other Ways to Get Out of Debt Without Debt Consolidation

Debt consolidation is far from the only way to pay off a large amount of debt though. Here are just a few ways to get out of debt without consolidating:

  • Get a Look at Your Finances – Take a minute and really sit down with your finances. Get an idea of what is possible and what is out of reach in terms of paying off your debt and your budget. If you need to, reach out to a financial advisor.
  • Write Down Your Budget – Once you’ve got a sense of what your finances are like, start tracking your spending and create a budget. Make sure you write it down and hold yourself to sticking to it!
  • Get a Second Job – If you’re having trouble paying off your debt, consider getting a second job or side hustle. Bringing in more money will always positively affect your finances.
  • Live on Less Than You Make – This is a budgeting basic but something you need to keep in mind. If you truly want to be debt free you CANNOT spend more than you make.
  • Don’t Take on New Debt – If you’re just getting out of debt or trying to get out of debt, don’t take on any new credit cards or loans. Though credit card offers can be tempting, just say no.

Getting out of debt is no easy feat. While debt consolidation may seem like the answer to your problems, be sure you consider taking some simpler avenues (like living on less than you make and earning more) before taking on a consolidation loan. Remember, it’s not really getting rid of your debt, it is simply moving it!

Have you consolidated or paid off debt successfully? We’d love to hear your story!

Photo: CafeCredit.com

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Which Debt is Worse: Student Loans or Credit Cards?

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Which debt is worse
If you’ve ever been in debt you know that not all debt is created equal. While all debts owed should be paid off, there is a way that you should prioritize your debts so that you’re able to pay them off in the most sufficient manner. So, which debt is worse? Student loans or credit cards? How do you pay off your debt in a way that makes sense?

Which Debt is Worse?

When it comes down to which debt is worse (student loans or credit cards) there is no black-and-white answer. No matter what you should be sure to remain current on all of your payments. The only time the question “which debt is worse” comes into play is when you are looking to pay it off. If this is the case you will want to jump on paying off your credit card debt before your student loans (while continuing to remain current on your student loan payment installments).

Credit card debt is generally high interest. It will also have the bigger impact on your credit score and finances in the long run. To truly understand why you should tackle credit card debt before student loan debt you need to understand how your debt works.

Understanding Your Debt

Before you decide which debts you should pay when you should fully understand your debt. Sticking to the “student loans vs. credit cards” topic of discussion, you can break down each debt into parts. When you look at your student loans, for instance, most loan companies provide a breakdown of payment towards interest and payment towards the loan itself.

For student loans you’ll be paying between 3 and 5 percent interest (closer to 7 percent if you are paying off graduate loans). If you have multiple student loans then you have to contend with multiple interest rates which is why many institutions will consolidate student loans in most situations. Interest rates on credit cards, however, are much steeper. The average credit card interest rate sits around 20 percent (four times as much or more than student loans). Because of this, you’ll want to pay off your credit card faster than the student loan debt.

How to Prioritize Paying Off Your Debt

There’s not really anything such as “good debt” but not all debt was created equal, which means each type of debt should be prioritized. Here’s how you should tackle your debt:

  • Pay off any debts prohibiting you from living your life. If there is a debt significantly impacting your life, pay it off. For instance, if there is a debt you owe to a rental agency that is making it impossible for you to rent a home you’ll want to pay that off quickly. If an old checking account and hurting your banking, try a bank account without chexsystems until you’re back on your feet.
  • Next, pay off debts with high interest rates. Target the debt that is accruing the highest amount of interest. If you pay this off quicker you’ll pass less over time. Pay off credit cards and other high interest debts before tackling others.
  • Make payments on the interest if you can. Many loan companies offer the option to pay additional money on the interest. You can do this with mortgages as well. Be sure that you know that your payment is going towards the interest though (and not to the loan itself).
  • Pay off the debts that are costing you the most. Once again, all debt is bad but some debt costs you more than others. If you want to get rid of your car payment, for instance, put in some extra work to get it paid off and have that extra cash in your pocket every month.
  • Tackle other debts. Once you’ve taken care of the bigger, more expensive debts in your life, tackle everything else. You can begin paying off the other items aggressively or simply pay them on a regular schedule to help improve your credit.

No matter what your approach may be to paying off debt, understanding your debt and interest rates is an important part of becoming debt free. Have you ever had to tackle a significant amount of debt? What did you do?

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Photo: The Balance