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5 Dangerous Debt Payoff Strategies

Tuesday, September 27, 2011 - 10:43 AM
From My Money (USNews.com)
Whether you’re carrying a few hundred or a few thousand dollars in loans and credit card debt, making a commitment to get out of debt is a noble goal–unless you’re using the wrong payoff strategy.

Some self-discipline with the budget and a strategic debt payoff plan will put you in a better financial position, but you’ll also need to make wise decisions about how you pay off that debt. Paying off large amounts of debt all in one go or using up a savings fund aren’t always the wisest financial moves.

Here are five dangerous debt payoff strategies to avoid:

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