By MJ Plaster
“It’s the most wonderful time of the year,” right? Not necessarily. For many people, it’s second only to election season on the crazy scale. Between Thanksgiving and the New Year, there’s precious little time between work, professional functions, shopping, decorating, attending parties and hosting family-and-friend get togethers. The week before Christmas starts the “full-on crazy” period.
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If you have outstanding debt, you may feel like you’re drowning some days. Getting out of debt is an excellent plan for the new year. Here are a few ways that you can take back control of your financial life.
1. Prioritize your debt by interest rate.
The higher your interest rate, the more you’re going to pay overall. Prioritize your debt by interest rate, not by the amount you have to repay. A lower bill now could end up higher than your highest bill if it has an outrageous interest rate. This is also a good time to take complete stock of all of your debt and to get a realistic of view of exactly how much you owe. Continue reading →