One of the most difficult elements of our lives to manage is money. In many cases, we cannot control what happens in our lives and, consequently, our financial situation. Though maintaining a strong credit score and relinquishing debt may appear absurd or futile, financial experts, like The Money Coach, argue otherwise.
There are a number of ways in which people struggling with debt can improve their financial situations, increase their credit scores, and start saving money.
On this episode of One-on-One with Steve Adubato, show host Steve Adubato, PhD., sat down with personal finance expert, and New York Times best-selling author, Lynnette Khalfani-Cox – also known as “The Money Coach” – to give viewers advice on how they can significantly slash debt and improve their credit scores.
“Pew research has shown that 80 percent of all Americans do have some form of debt—a mortgage, a car note, student loan, auto loan, credit card debt, all of that” Khalfani-Cox told Adubato.
Khalfani-Cox assures viewers that, while not everyone is in debt as some may suggest, do not worry, because there are multiple ways to alleviate your situation and come out of debt.
“Most people get into debt because of two different sets of reasons,” she said. “Some people are poor money managers or over-spenders. That was me, I was in the over-spender category… Other people get into debt because of circumstances and what I call “The Dreaded Ds:” down-sizing, divorce, a death in the family– the main bread-winner, disability, or disease.”
Khalfani-Cox goes on to explain several aspects of our lives to take note of to improve our situations, including not equating your self-worth with your net worth, which helps maintain a healthy perspective to lead a happier, healthier and more successful life.
To learn more from The Money Coach about how you can get out of debt and raise your credit score, check out this segment of One-on-One with Steve Adubato.
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- Hero (Top) Feature Image: © One on One with Steve Adubato / Caucus Educational Corporation