Rob Carrick calls on readers to make 2023 the year of paying down debt
Personal finance is often plagued with conditional “it depends” and “on one hand” advice that feeds confusion. So let’s try something simple and direct for 2023 and call it the year of paying down debt. With mortgage and home equity line of credit rates between 5 and 6 per cent, you can be confident that the best use of your money is to reduce the amount you owe.
Need something more to motivate you to cut debt? Let’s try this – a quick test to see how your mortgage, credit card, credit line and car loan debts compare to average levels. The urgency level for paying down debt depends as much on your financial means as the amount you owe. But comparing your own borrowing to average levels at least gives you a point of comparison to see how you’re doing.
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