As a trusted advisor you are likely to encounter clients that ask your advice on how best to manage their personal debt. While not strictly an accounting issue they will expect that since your profession deals with money that you will be able to advise them in this area. Since we entering a phase of the long term debt cycle were interest rates rise you can expect that you will be asked questions in this area more frequently. So even though these questions would be better directed to a Financial Advisor, you can give them some general advice that will help your clients find a solution to their debt problems.
The first thing you should advice clients to do is to create an emergency fund. This should typically be 3 months wo…
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