When people ask me what I do and I tell them, I’m a CERTIFIED FINANCIAL PLANNER™, there usually is a pause. The next sentence is either a question or a what if scenario.
Lately, the questions have circled around credit card debt and student loans. How does one move forward in life when their past decisions are holding them back? Taking on student loans and credit card debt is a decision that is made, maybe not fully appreciated at the time, however it’s an active decision.
Sometimes the consumer debt is incurred due to misfortune, such as illness, accident or other unforeseen things, however sometimes it’s incurred due to impulse buys. Credit card debt, with its double digit interest rates and fine print, can be an albatross
Student loans only go away then they are fully paid off. One client told me, “if there was one thing I could tell my 18 year old self, it would be not to fund my college lifestyle through student loans. Get a part-time job instead.”
Through financial planning a path for paying off this debt can be achieved.
For more information about Wolcott Financial Solutions, Inc., click here.