Monday, March 25, 2013

Debt Reduction

~ Pay living expenses first
~ Next pay car payments and other loans that are secured
~ Lastly pay medical bills, student loans, and credit cards
~ Call credit card companies and ask for a lower rate and a reduction of what you owe
~ Only under extreme circumstances should you borrow from your 401(k)
~ Work with a counselor if necessary
~ Consider a home equity loan
~ Consider filing bankruptcy as a last resort

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