Deciphering Debt - Episode 3 of the Financial Fitness Series

In Episode 3 of The DirectLine | Financial Fitness Series, Lighthouse Cove and First Financial Bank sit down with Suzanna Humbert, Work-Life Specialist with First Financial Bank, to talk about understanding and managing debt. Suzanna breaks down the difference between good and bad debt, explains how credit scores impact borrowing, and shares practical strategies for paying down debt and improving financial health.From understanding your debt-to-income ratio to using the snowball and avalanche methods, creating a budget, building an emergency fund, and knowing when to communicate with your lenders, this episode offers practical tools to help you take control of your finances. Suzanna also shares resources available to Lighthouse Cove DSPs through First Financial Bank including personalized financial guidance and specialized banking programs.Whether you're working to pay off credit cards, improve your credit, or simply feel more confident about your financial future, this episode is full of actionable advice to help you move toward financial freedom.Topics include:Understanding your credit score and credit reportGood debt vs. bad debtCredit card interest and debt managementDebt-to-income ratiosBudgeting and the 50/30/20 guidelineThe debt snowball and avalanche methodsDebt consolidation and refinancingBuilding savings while paying down debtAvoiding payday loans and debt settlement companiesResources available to Lighthouse Cove DSPsListen to previous episodes in the Financial Fitness Series on budgeting, saving, and credit and stay tuned for the final episode covering identity protection, scams, and protecting your money.