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The debt tag refers to all situations where money is owed to another party, often a bank or other financial institutions. This tag covers how to get out of debt, how much debt to carry, and other borrowing related questions.
9
votes
I spend too much money. How can I get on the path to a frugal lifestyle?
Here, as soon as you get a paycheck take some substantial portion immediately and use it to pay down debt, or put it in savings (if you have no debt). … And ask yourself things like "Would I perfer this now, or this later plus being 100% debt free, and not having to worry if I have a steady paycheck". …
6
votes
Accepted
I have a secured line of credit (substantial balance) as well as a retirement account. Am I ...
I would definitely pay down the debt first. If it is going to take 15 years to do so, you probably need to allocate more money to paying down debt. … Once the only debt you have is a home mortgage, then its time to look at putting money towards retirement again.
Note, you should not take money out of a 401k or IRA to pay off debt. …