When it comes to finances and saving for retirement, debt really is a four-letter word. While high-level business negotiations might talk about “good” or “bad” debt, it’s never a bad idea to keep your personal debts low so you can keep more of your hard-earned money for yourself.

By keeping an eye on the different types of debt on your personal finance sheet, you can keep your finger on the pulse of your financial health and adjust as needed.

Credit Card Debt

Nearly everyone has at least one credit card payment to make each month. And even if your balances are low, interest rates might not be. The average rate for credit cards in March of 2024 was 24.37% APR, so regardless of your balance, payments covering interest only can build up quickly and become sunk costs for you.

Credit Score

Maintaining a healthy credit score opens many doors for you. From better rates on long term agreements such as purchasing a car or house to getting more perks or rewards on credit cards, keeping a good score is a gift that keeps on giving.

Looking Ahead

Clearing personal debt is one of the best ways to provide yourself with confidence while planning for retirement. Not only will lower debt provide a clearer picture of how you can work toward your retirement goals, but it will also help with avoiding extra hurdles when planning to leave a legacy to loved ones. 

Hear From a Professional

Consha Financial can help you look at your debts, savings, and any other concerns you may have regarding retirement planning. Reach out at 678-539-9518 to receive information that can help you work toward your goals. 

Investment advisory products and services made available through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. 

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Insurance products are offered through the insurance business Consha Financial. Consha Financial is also an Investment Advisory practice that offers products and services through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. IPW does not offer insurance products. The insurance products offered by Consha Financial are not subject to Investment Advisor requirements.

This blog is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.