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If you feel like you're in over your head with personal debt, especially credit card debt, you're not alone. Millions of Americans have become overextended and in need of debt relief--in many cases, as a result of easy credit during tough economic times. Credit cards, medical bills, personal loans, and sky-high interest rates do not make a good financial mix.
The 5 strategies you may want to avoid:
Here is some common sense advice that could help you avoid getting into the debt trap. And, if you’re already in over your head in debt, these guidelines could help give you a head-start to becoming debt free:
- Beware of simply paying the minimum amount each month on your credit cards. This will typically result in your overall debt growing and financial stress only increasing each month.
- Avoid relying on friends and family to rescue you from debt, as this could put a strain on relationships with the most important people in your life.
- Be careful before taking out a high-interest loan to take care of debts. When you’re in debt, often the worst thing you can do is take on additional debt that can often cause your situation from go from bad to worse.
- Explore all of your legal debt relief options before you consider bankruptcy.
- When comparing your debt relief options, make sure you understand clearly exactly how much each debt relief option could save you, and how your credit could be affected
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