CEO Today - August 2023

Proactive Steps to Reduce Debt and Improve Mental Health Dealing with debt can be overwhelming and stressful, but taking proactive steps to manage it can not only improve your financial situation but also have a positive impact on your mental health. Here are some additional strategies and insights to help you on your journey towards debt reduction: 1. Prioritize your debts strategically: While it’s important to pay off all your debts, it can be beneficial to prioritize them strategically. Consider focusing on high-interest debts first, as they tend to accumulate more quickly. By tackling these debts first, you can save money on interest payments in the long run. However, it’s also essential to maintain minimum payments on all your debts to avoid penalties and late fees. 2. Explore debt snowball or avalanche methods: The debt snowball method involves paying off your smallest debts first, regardless of interest rates. This approach can provide a sense of accomplishment and motivation

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