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GET OUT OF DEBT
If you need to buy on credit, at least do it with
your eyes wide open. If you're already in debt, use these tips
to get out and get ahead:
- Don't get any deeper into debt. Save the credit card with
the most favorable terms and cut the rest up. Put the one
you saved in a safe place (not in your wallet) and use it
only for emergencies (not to include a big sale at Macy's!)
- Pay more than the minimum balance. Much more.
- Shop around for cards with low interest rates, but beware
of come-ons that offer a low introductory rate and then take
a big jump. The Internet makes choosing a credit card easy,
but be sure to read ALL the fine print.
- Move balances on cards with high interest rates to cards
with lower interest rates.
- Use your savings to pay down debt. It makes no sense to
earn 1 to 3% interest on your savings account while paying
12 or 15 or 18% interest on credit cards.
- Come up with a written plan for reducing your debt systematically.
- Add up all the money you spend each month on credit card
payments, and think about what you could do with this money
if you weren't paying it to the credit card company.
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