Friday, April 14, 2006

Ten Commandments Debt Free Life Style 4. Debt Pay-off ASAP

Ten Commandments - debt free lifestyle today!

4. Debt Pay-off ASAP - That's right...payoff your debt asap, because we all know that cash basis is the best! If your budget or cash resource allows you to pay the full amount reflect on the statment of account. This practice will pay off in the end. Paying only the minimum amount required may seem light on the pocket, but heavier in the long run due to interests rates which for a credit card can run anywhere from 3.25% to 30% (depending on how late or backed up you might be on the your payments). Here are the don't in borrowing!

* don't borrow to buy anything that depreciates
* don't borrow to pay back debt
* don't borrow at high interest
* don't borrow except to buy a house (which appreciates in value)

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