PLM 201 : How To Get Out Of Debt

If you're in debt right now, then watch and read carefully below to learn some of my best strategies for how to get out of debt. It's important to understand that there's two types of debt: good debt and bad debt. Bad debt is credit card debt or any kind of consumer debt that is at a high interest rate. You want to avoid at all costs this type of debt, as it can be very challenging to get out of due to such high interest payments. Good debt is debt that has a lower interest rate and the money is being leveraged to buy assets or investments that are bringing you are greater income than what you're paying in interest payments. For example, a mortgage can be considered good debt as the value of the property or the income it's generating for you can be greater than what you're paying in interest payments. With that being said, this video is geared towards the bad debt and how to get out of it.

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