There is debt that is necessary to moving forward in your personal financial strategy. The big one of course is the mortgage. Not very many people can afford to pay cash for a house. In order to buy a house then a mortgage is necessary. The best start in our mortgage management is to SHOP AROUND! Find a reputable broker who represents a large number of mortgage companies. Make sure you ask lots of questions. For instance, rate of interest and actual monthly payment. You need to know what other expenses there are like insurance cost, expected utility costs, and property taxes. These all factor in to the monthly carrying costs for the home.
Then there is debt we wish we didn't have. This usually comes from major name credit card debt, personal loans, store credit cards.
We'll talk more about this topic next time as we continue to look at our personal finances.
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