If you fail to pay your minimums for any debt on time, your credit score will take a major hit and you run the risk of seeing the interest rate on all of your cards go up. An easy way to remind yourself to pay, is to sign up to receive your statements via e-mail.

It is critical that kids start to learn the value of money, short-term and long-term saving and budgeting at an early age.

Even if you feel like your debt is just never going to go away, think long and hard before declaring bankruptcy. Declaring bankruptcy means that getting a loan for anything will be next to impossible for the next 10 years.

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