In this video, Chris Long discusses debt management. Chris is a certified financial planner. He says that he started giving advice because there is such a need for this kind of financial information.
Chris says that credit has a few advantages: It’s a substitute for cash, but you should pay it off monthly. He says that it helps you to achieve long-term goals, and also establish a credit history. Credit can become a problem when you buy things that you either can’t afford or can’t pay off immediately.
He says that the average American has entirely too much bad debt. The good debt, for things like houses and education, is OK. But if you’re spending money on things you don’t need, you’re going to end up in trouble.
Chris also gives advice on looking at interest rates and picking the best debt for you. The video is below: