What is:GOOD DEBTBAD DEBTSet a debt deadline for credit cards10 of 11Cecere suggests paying off credit card balances within three months."You need to be able to pay off those debts in a reasonable amount of time and not just make minimum payments," she says.Better yet, Maurer says, don't even consider carrying your balance as an option."Revolving credit balances are the cancer of personal finance in a household," he says.Cecere adds, if you can only afford minimum credit card payments, don't add new expenses. And seek help from a credit counseling organization if you can't make the minimum. Related Articles:Credit cardsMortgage calculatorStudent loansDump debt in 2010Related Links:Best 2010 credit card movesDebt reliefDebt payment calculator10 ways to debt disaster advertisement
Cecere suggests paying off credit card balances within three months.
"You need to be able to pay off those debts in a reasonable amount of time and not just make minimum payments," she says.
Better yet, Maurer says, don't even consider carrying your balance as an option.
"Revolving credit balances are the cancer of personal finance in a household," he says.
Cecere adds, if you can only afford minimum credit card payments, don't add new expenses. And seek help from a credit counseling organization if you can't make the minimum.
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