Why debt reduction is vital for your financial healthLiving with debt is never a good idea if you want to makelong-term financial plans. Every cent you use to service debt ismoney that could have been invested in your future. Investmentis extremely important, and can lead to a more comfortable andsecure retirement. Just as smart investment can lead to a moresecure future, mismanaging your money and incurring debts canlead to financial difficulty down the track. Poor moneymanagement can prevent you from taking advantage of manydifferent kinds of financial opportunities, and may effect yourcredit report. Debt affects your ability to save and invest for the futureEvery time you make a repayment on a loan or pay off the balanceof your credit card, you are spending money that could have beenmore usefully invested in other ways, such as building that nestegg for the future. Reducing your total amount of debt is vitalfor your long-term financial health.At the moment, wealth a…