Take Control of Your Debt with MIH

If you’re like most people, you carry some form of debt—whether it’s credit cards, a mortgage, student loans, or an auto loan. At MIH, we understand how overwhelming debt can feel, but with the right strategy and discipline, we can help you create a game plan to pay it down faster and take control of your financial future.

Understanding Your Debt

Before you can effectively tackle debt, it’s crucial to know what type of debt you’re dealing with.

Secured vs. Unsecured Debt: What’s the Difference?

Debt falls into two main categories: secured and unsecured, and can either be fixed (equal monthly payments like a mortgage or installment loan) or revolving (minimum payment varies based on the total debt amount, like a credit card).

✔ Secured Debt –
Backed by an asset, such as a home or vehicle, which serves as collateral.
Examples: Mortgages and auto loans.

✔ Unsecured Debt –
Not tied to any asset, making it riskier for lenders and often resulting in higher interest rates.
Examples: Credit cards, medical debt, student loans, and personal loans.

While some debt—like a mortgage or student loans—can be considered beneficial in terms of increasing your home’s value or boosting career opportunities, paying them off faster can put you in a stronger financial position sooner.

The Power of Compound Interest: Friend or Foe?

Compound interest is a powerful financial force. When it’s working for you through investments, it helps your money grow exponentially over time. However, when applied to loans or credit cards, it can lead to hundreds or even thousands of dollars in extra costs on top of the original balance.

The key to financial freedom? Make compound interest work FOR you, not against you!