3 Mistakes to Avoid When Trying to Pay Off Debt

benefits of a health savings account

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Many people owe tens or even hundreds of thousands of dollars, simply because they bought too much stuff! You may be in a place where your top priority is to pay off debt. While that is a noble and wise ambition, you have to be careful that you do not go about it in the wrong way.

3 Potential Mistakes To Avoid When Trying To Pay Off Debt

These three strategies may seem like a great idea at the time, but they can backfire in a hurry and can end up being huge financial mistakes.

Tap Into Your 401k

Many 401k plans will allow you to borrow from them. I have had a lot of people tell me that borrowing from their 401k was a good idea because they would just be “borrowing from themselves”. That type of thinking has many people taking out tens of thousands of dollars . . . → Read More: 3 Mistakes to Avoid When Trying to Pay Off Debt