Dealing with debt can be challenging, but with the right strategies in place, you can take control of your financial situation and protect your long-term stability. In this guide, we outline six essential principles designed to help you effectively prioritize your obligations, navigate creditor interactions, and avoid costly mistakes. These rules offer a roadmap for managing debt while focusing on what truly matters—your financial security and peace of mind. Rule 1: Prioritize Debts That Immediately Affect Your Family When facing multiple debts, it is essential to focus on obligations that carry the most immediate risk. High-priority debts, such as mortgage payments, rent, utilities, car loans, and child support, should take precedence. Failure to address these debts can result in serious consequences, including eviction, loss of essential services, or repossession. Lower-priority debts, such as credit card balances, private student loans, or…Read More
