Like most Americans, you’ll probably be dealing with some type of debt throughout your life.
And by managing debt wisely, you can improve your saving and spending habits and possibly even your ability to invest for the future.
So, consider your borrowing and credit options.
For starters, look for a credit card that offers the best interest rate and rewards program.
Next, you might want to think about a home equity loan or home equity line of credit.
If you use this loan or credit line for home improvements, your interest may be deductible.
You could also look at securities-based lending, which lets you borrow against the value of your securities in a brokerage account.
Many people draw on these loans to purchase more investments, but you can use the money for any purpose.
You’ll want to be careful not to borrow too much, though, as you might be forced to replenish your account to bring it up to the required maintenance level.
With careful thought and planning, you can make your debt work for you – and not the other way around.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson and Hawes Dickerson. Members SIPC.
