Australian Finance Podcast How to get out of debt in 2025 (strategies & resources) [Part 5 of 11]
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Jan 16, 2025 Dive into the multifaceted world of debt in Australia, exploring everything from mortgages to credit cards. Discover the emotional journey of overcoming debt and how it can transform relationships. Learn effective repayment strategies, like the snowball and avalanche methods, and the importance of personalized financial coaching. Gain insights into Exchange-Traded Funds (ETFs) and the need for structured financial planning. This episode equips you with essential tools and resources to tackle debt and build a healthier financial future.
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Understanding Debt
- Understand the two sides of debt: negative emotions and productive potential.
- Acknowledge the impact of interpersonal loans on relationships.
Debt as a Tool
- Debt can be a useful tool for achieving goals, building assets, or navigating difficult situations.
- Responsible usage is crucial, avoiding overspending and high-interest accumulation.
Good, Bad, and Ugly Debt
- Good debt invests in appreciating assets; bad debt covers depreciating assets like cars or a primary home.
- Ugly debt includes high-interest credit cards, buy-now-pay-later, and payday loans.
