Here's part 9 of a Money magazine series on 10 rules for building wealth that I'll be covering over the next few days. Today their suggestion is to ditch credit card debt. The details:
All debt is not created equal, so rank yours by interest rate and pay off the bad stuff first. That usually means credit cards, which can carry interest rates as high as 30 percent.
Yeah, credit cards can be great tools for those of us who pay them off every month. In fact, they can even earn you money. But if you keep a balance and build up a debt that you can't get out from under, they can suck the life out of your finances. If you don't believe me, see Paying the Minimum Payment on Your Credit Card Can Cost You a Fortune.
For more on credit cards and debt, see Best of Free Money Finance: Credit Card Posts and Best of Free Money Finance: Debt Posts.
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