Getting Out of Debt — A Roadmap to Financial Freedom

Your True Direction

Photo by Alice Pasqual on Unsplash

Why Debt Can Hold You Back

Debt can feel like a never-ending cycle, draining your income and preventing you from reaching financial freedom. Whether it’s credit card debt, student loans, or car payments, high-interest debt can keep you stuck, paying more in interest than you should. But the good news? With the right strategy, you can eliminate debt and start building wealth.

In this guide, we’ll break down the best debt repayment strategies, how to avoid common debt traps, and tips to boost your credit score along the way.

1. Understanding Good vs. Bad Debt

Not all debt is created equal. Some types of debt can help you build wealth, while others keep you in financial stress.

How to Know If Your Debt Is a Problem

• Are you only making minimum payments on credit cards?
• Is more than 30% of your income going to debt payments?
• Are you taking on new debt to cover old debt?