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How To Manage Credit Card Costs

Pay Down The High Interest Rate Credit Cards First

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Because credit cards usually have the highest interest rates of any of your debt, you should pay off any credit card debt you have as quickly as possible -- even if this means using your savings.

If you spend $1,000 to pay off a credit card with a 17% interest rate, it's as though you've earned a guaranteed, risk-free 17% after-tax return on your investment. It's really difficult to beat that with any other investment.

Should you need cash in an emergency, you can take a cash advance from your cards. If your statistical life expectancy is less than two years, just make sure that you have credit life insurance on the cards.

For tips on paying down credit card balances as quickly as possible, see How To Pay Down A Credit Card Balance As Quickly As Possible.

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