HOW I PAID OFF OVER ,000 OF DEBT IN 3 MONTHS!
3 Ways to Conquer Debt
1.Target cards with the highest interest rates."Paying off high-interest debt is like investing, except there's zero risk," points out Ali Velshi, CNN's chief business correspondent and author ofGimme My Money Back: Your Guide to Beating the Financial Crisis. He suggests starting with debt that carries more than 10% interest.
2.If you've been paying the minimum each month, double it, recommends Velshi.
3.Call the credit card companies and ask for a lower interest rate."Say you have a ,000 balance at 19% interest," says Dayana Yochim, consumer finance expert at The Motley Fool and author ofThe Motley Fool's Guide to Couples & Cash. "If the company lowers it to 12%, you'll save 0 in one year."
For more money-saving advice, check out the article "Smart Money Moves to Make Now" from the April 14, 2009 issue ofWoman's Day, on newsstands beginning March 24.
Video: How To Start Paying Off Debt?
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