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  • Chris Heeb, The Debt Dr

Debt 101 - Understanding to Manage

Updated: May 19

It's important to make smart choices around debt, from understanding how interest rates work to learning the best ways to dig yourself out of all kinds of debt, including mortgage debt to credit card debt.

Let's face it: Debt is in our nature. Humans have been borrowing and lending valuable items to each other for years. In fact, the earliest surviving examples of written language are essentially purchase orders and receipts, records of who owed what to whom.


But when we talk about debt today, what do we mean? Put simply, debt is money owed. The debts we hold today are mortgages and car loans, student loans and credit card loans. They're debts owed to the government, too. And like many Americans, your debt can include some or all of the above.


Some debt can be good, but if it's not handled carefully, debt can be difficult to overcome. That's why it is so important to make smart choices around your debt, from understanding how to accelerate the payoff of your debt. The key to financial success is to recognize that most, if not all of your debt, must be paid off as fast as possible to avoid interest payments to the lenders. In most cases, you will pay 2-3 times what you borrowed instead of keeping that money in your wallet.


If you find your debt getting away from you, the solution almost always involves the following steps:


  1. Figure out how to spend less or earn more;

  2. Get an idea of your total debt amount and what interest you are paying to your creditor;

  3. Look to getting a Free Payoff Analysis so you can truly see how fast you could pay off your debt without changing your lifestyle;

  4. Set the plan in motion and monitor your progress on a weekly basis.

To learn more about a financial plan to debt elimination, go see for yourself how people just like you have had success with The Money Max Account


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