“Did you know that on the whole Americans spend more money than they earn each year, and the average household carries about $8,000 in credit card debt?”, said Martin Crutsinger, “Few Pennies Saved: Americans Spending More Than They Earn,” Seattle Post-Intelligencer, Feb. 2, 2007, http://seattlepi.nwsource.com/business/302138_lowsavings02.html. My sister was one of them. To a young single adult like her, debt may not seem like a big deal at that time. But the longer she spent more than she made, the bigger the problem was for her later. There was a lack of knowledge for her about credit card. A credit card can be a useful financial instrument if the total amount billed is compensated in full every month before any interest is charged. Otherwise, the credit card could turn into a pitfall. The whole situation is a mess. And I was about to explode!
The matter was not finally settled until much later. How did she solve the problem? She made use of refinance and paid off quickly the smallest balances first, thus freeing up funds to pay off the larger ones in turn. Then she needed to work hard to run up credit card debts. This technique looks easy, but it most certainly is not.
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“Become a master of your financial future. By acquiring the right knowledge and making educated financial decisions, you can avoid the pitfalls generated by creditors who would trap you in debt.” said Donald N. Hester. I think this is a truth. And as you make your bed so you must lie on it. Refinance is very great to reduce your debt.