Stop Using Credit
Stop using credit, and take on NO new debt. If you are having trouble making ends meet, then using a credit card will only make matters worse. After all, credit card companies are in the business to make money.
One of the first steps may be to cut up all of your credit cards. Do not apply for a new credit card until all of the debt has been paid off. (If you feel you must keep one credit card for emergencies, do not carry it with you.)
Check out the following debt statistics.
√The average interest rate charged on credit cards is 18.9%.
√If a payment is not received by the due date late fees are now $29.00.
√Almost half the households in America report having difficulty paying their minimum monthly payments.
√A typical minimum monthly payment is 90% interest and 10% principal.
√One indicator of debt in the U.S. is the number of personal bankruptcies declared each year. Personal bankruptcies is at an all time high!
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