Financial expert Chris Hogan said debt Opens a New Window. is extremely dangerous.
“Debt is a thief. It steals from your income. It prevents you from taking care of the people you love the most, but also preparing for your financial future,” Hogan told FOX Business’ Maria Bartiromo Opens a New Window. on Tuesday. “So I want Americans to wake up and see debt for what it is. A lot of people see it as a friend, but in reality it’s an enemy. It’s a preventer of your dreams.”
But Hogan said there are aways to prevent debt from controlling your life.
“Budgeting allows us to have control of our money,” he said. “So sit down. Understand your income but also understand your expenses.”
Hogan also said millions of people have used the debt snowball method to pay off bills.
“Getting out of debt is about momentum, it’s not about interest rate,” he said, “So attack the little one while making minimum payments on the others and then you’ll really begin to see progress. But as you pay off one debt, take what you were paying there and move it to the next one.”
He also suggests alternate ways to add to your income including tutoring on the weekends and selling items around your house that you don’t need.