What is the impact of debt on my financial health?
Debt can significantly affect your financial health by increasing your monthly expenses and reducing your ability to save.
How does high debt affect my credit score?
High debt levels can lower your credit score, as it increases your credit utilization ratio and may indicate financial distress.
What are some strategies to manage debt effectively?
Effective strategies include creating a budget, prioritizing high-interest debts, and considering debt consolidation options.
Can debt ever be beneficial?
Yes, debt can be beneficial if used wisely, such as for investments that generate income or for building credit history.
What should I do if I can't manage my debt?
If you're struggling with debt, consider seeking help from a financial advisor or a credit counseling service.
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