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If you are carrying a hefty balance on your credit card, or are in a lot of credit card debt, the most sure fire way to get out of hot water is to pay more than your minimum monthly payment. The reason for this is that by only paying the minimum payment, you’ll take longer paying off the card, and this will accumulate a lot of interest. This is good for the creditors, but not so good for you. If you want to avoid falling deeper into debt you’ll have to step up the amount of money you drop on your credit card each month

This entry was posted on Tuesday, February 5th, 2008 at 8:43 am and is filed under finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.