Personal Financial Planning Tips : How to Get Out of Debt

The best way to get out of debt is by keeping expenses lower than income and use any low interest-bearing savings account money to pay off higher interest credit cards. Avoid the pitfalls of debt with tips from a financial planner in free personal-finance video.

Expert: Julie Asti, CFP
Bio: Julie Asti works as a financial planner for Asti Financial.
Filmmaker: Bing Hu

Category:

Howto & Style

Tags:

• stocks
• debt
• money
• finance
• investments
• mutual funds
• tax deduction
• IRS
• credit card
• life insurance
• income

[mghostproductions]

Thanks

[moneytv]

Julie, I agree; even if you’re only paying 7% on your debt and earning 2% on your savings, you’re just digging your hole deeper. However, if you use your entire savings to pay down the debt, when an emergency arises, you have to go back into debt. You hit the nail on the head: you have to start with a budget; this will allow you to see where your money is going so you can save it. I’d create a budget, and pay down your debt with the money you save. Learn more on our channel, MoneyTV.

[PeaceEpieces]

@Iworkwithnitwits yeah for sure. but im trying to get out of debt and someone says "use money from savings" is kinda wierd.. when most ppl in debt have no savings

[Iworkwithnitwits]

@PeaceEpieces Not true. You can have $10,000 in savings but be $30,000 in debt which puts you at - $20,000.

[smokinacez911]

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[TheJourneytoWealth]

Great information

I am a divorced mother of two and learned the hard way about managing my money.

author of "Sick and Tired of Being Broke."

[PeaceEpieces]

if you have money in savings, then your not really in debt

[unfathomableinquiry]

Here's some interesting advice that you should consider for your clients, stop borrowing money motherfucker!

[assoonas1]

read The total Money Makeover by Dave Ramsey.

I have it on my I-Pod

[Joshenyou1]

Thank you keep it up! I know all what you said is true... I also am trying to encourage others to get out of debt. I used your video as a little insert in a class i offer the community.