Friday, November 6, 2009

Get out of debt on your own

For those who want to get out of debt, those commercials that promise to reduce debt by large percentages by working with your creditors, are tempting. But don't be fooled. The old rule still applies: if it sounds too good to be true, it probably is. If you want to get out of debt, there's no better way to do it than to methodically track your spending and just simply pay down your debts, one at a time. You can do this. You may not want to do this, but you can.

Debt consolidation companies rarely keep their promises, and sometimes, their fees eat up any savings they might promise you. Don't go this route. Commit yourself to going after your debt on your own.

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