Pay Off Credit Card or Other High Interest Debt


Most credit cards charge high interest rates as much as 18 percent or more - if you don’t pay off your balance in full each month. If you owe money on your credit cards, the wisest thing you can do is pay off the balance in full as quickly as possible. Virtually no investment will give you the high returns you’ll need to keep pace with an 18 percent interest charge. That’s why you’re better off eliminating all credit card debt before investing savings. Some people try to payoff their mortgage early, but don't worry about that until you have paid of your credit cards. Once you’ve paid off your credit cards, you can budget your money and begin to save and invest. Here are some tips for avoiding credit card debt:

Put Away the Plastic


Know What You Owe


Pay Off the Card with the Highest Rate



Once you have paid off those credit cards and begun to set aside some money to save and invest, you're in the savings habit!