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Live Well on Less Than You Think
The New York Times Guide to Achieving Your Financial Freedom
By Fred Brock
Henry Holt and Co.Copyright © 2007 Fred Brock
All rights reserved.
From Live Well on Less Than You Think:
Getting debt under control is the most important move you can make to cut expenses-particularly the amount you pay in interest. But be wary of the conventional advice to cancel or cut up your credit cards. Learn instead to control your credit, rather than have it control you:
Shun brand loyalty and "miles" or other affiliate programs, which can saddle you with
uncompetitive interest rates.
Stick with cards with steady lower rates rather than cycling between cards carrying zero
interest during the first months of use.
Keep an eye on your interest rate every month; it can change without notice. Contrary to the
ads, there is no such thing as a fixed-rate card.
Never make a late payment, even if that means using an overnight courier service. Some
companies will raise your interest rate as much as 30 percent if you pay late just once, and
"late" can mean receiving your payment after 1 pm on the day your payment is due.
Excerpted from Live Well on Less Than You Think by Fred Brock. Copyright © 2007 Fred Brock. Excerpted by permission of Henry Holt and Co..
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
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