Debt Solutions
If you’re like most people, you carry some kind of debt balance from month to month – credit cards, a mortgage, student loan, auto loan, etc. At FFG, we understand how overwhelming debt can feel sometimes, but with the right game plan in place, and a little discipline, we can show you how you CAN pay it down.
Before we get into the “how,” it’s important to understand what kind of debt you’re dealing with.
Secured or Unsecured: What’s the Difference?
Secured – This type is asset-based where the asset (i.e. your home or car) is used for collateral. Your mortgage or an automobile loan are examples of a secured debt.
Unsecured – Unsecured debt isn’t tied to any asset. Credit cards, medical debt, student loans, personal loans, etc. fall into this category.
While some debt – like your mortgage or student loans – can be considered “good” in the sense that your home or education will increase in value, paying them off quickly can put you in a much better financial position sooner rather than later!