Video Taking control of your debt

Own what you owe

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Understanding what you owe, choosing a strategy for paying it down and limiting how much you borrow can help you manage your debt.

Key Takeaways:

  • Debt can help you meet major goals and build your credit, but it’s important to use debt carefully.
  • Try to limit debt payments to no more than 36%* of your income.
  • If your debt feels manageable, you can decide whether to pay off high-interest debt first or small balances.
  • If you’re struggling with debt, you may want to consider consolidation, refinancing, balance transfers and other strategies.
  • A UBS Financial Advisor can help you come up with a plan for managing your debt so that you can focus on other areas of your life.

*“The Basics of Debt-to-Income Ratios,” Credit.org. https://credit.org/2011/04/07/debt-to-income-ratio/.

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