These days everyone is looking for ways to reduce debt and save money. It is possible to wipe out your existing debt and learn how to live your life within your means.
Here are 5 things you need to know about debt that will help you on your way to debt free living:
1. Stop using credit cards. One of the leading factors in the current economic crisis is people buying things on credit they cannot afford. The next thing they know, they find themselves unable to do anything more than make minimum monthly payments.
Minimum payments will keep you in debt because every month interest continues to accrue on your original balance. A $1,000 balance on a typical credit card can take 22 years to pay off if you make only the minimum monthly payments!
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Monday, April 20, 2009
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