Adrian Firth from RL Cares's wealth management partners Mattioli Woods tackles the issues around debt and discusses ways in which players can navigate their way through any problems that may arise.
Debt and borrowing always feature highly in the annual player welfare survey, and Adrian chats about the difference between good debts and bad debts, credit scores and where to go when things go wrong.
Adrian discusses the importance of distinguishing between good debt (borrowing within one's means) and bad debt (getting out of control). He explains that borrowing is inevitable and that it is important to make sure to get a good deal when borrowing money. He also talks about the common types of debt, such as loans and purchase plans, and how to compare interest rates to determine if a deal is good or not.
He also emphasizes the importance of repaying debts on time and checking credit scores.
For most people, having a manageable amount of debt is unavoidable. Few of us have enough money to buy a house or a new car outright.
Further reading
Quote
"A budget is telling your money where to go instead of wondering where it went”
- Dave Ramsey
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