8 I urge you to deal with any shorter-term, unsecured debt, like credit cards, before anything else, because that’s the kind of credit that’s more expensive. Once you’ve repaid your short-term, higher-cost, unsecured debt, you can start looking at your mortgage repayments, for example. The other key is to make sure that you’re not blind to your liabilities. It’s common for people t o look at their assets rather than their liabilities (like debt). We all like having savings and having money for a rainy day is important. However, using some of your savings to repay your debts might not make any difference to your net worth but it will bring flexibility and choice to your desired lifestyle. Some people see debt as a huge stumbling block and struggle to see how they can manage it, which can make them shy away from dealing with it or talking about it. However, with your Financial Planner, it’s essential to share everything and be authentic. Only then can you be in control of your debt, start accumulating wealth and planning for your financial future. 14 Jonathan M. Gibson CFP™, Chartered Fellow (Financial Planning) www.wellsgibson.uk
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