- Beware of scams. There are a lot of scams that deal with credit. Debt suspension offers, paying fees in advance, buying credit protection, and rebuilding credit usually sound too good to be true. There's a reason for this: they are.
- Don't use your credit card for cash advances. It will harm your credit score and the interest rates are outrageous.
- Consolidate your loans. Especially those student loans. With a student consolidation loan, you can lock in several loans at a fixed interest rate and have just one lender to pay each month.
- Avoid payday loans. Bottom line: they're scammy and they charge high interest rates. If you do need an emergency cash loan, just be aware of the risk of high interest rates.
- Be cautious with home equity loans. If you can't make a payment toward a home equity loan, you could lose your house.
- Pay off your credit card debt. Credit card debt is usually the debt with the most interest. So pay it off first. Better yet, don't accumulate it in the first place.
Check out http://www.thrifty411.com/ for more on being thrifty and frugal.
