5 Smart Strategies for Managing Your Debt

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5 Smart Strategies for Managing Your Debt

Jun 20, 2012

Americans are working hard to reduce individual debt burdens. In some cases, unfortunately, we are simply swapping one liability for another, data from the Federal Reserve show-cutting, say, credit card debt while adding education debt. Still, overall our burden is in decline. Consumers have cut debt by $100 billion in less than a year, according to the Federal Reserve Bank of New York.

That's undeniably positive for the personal balance sheets of millions of households. But too often families that cut debt feel they've done enough. It's equally important to manage what debt remains. On an obvious level, that means continuing to pay off loans in a timely way—targeting the highest rates first and not lapsing into unnecessary credit spending.

But there is much more to consider, says Consumer Advocate Eleanor Blayney[, CFP®] at the Certified Financial Planner Board of Standards. She offers five keys to family debt management. Read more >

Time Moneyland
Dan Kadlec
June 20, 2012

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Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
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The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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