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One Year to an Organized Financial Life: From Your Bills to Your Bank Account, Your Home to Your Retirement, the Week-by-Week Guide to Achieving Financial Peace of Mind by Russell Wild, Regina Leeds

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WEEK TWO
Curb Credit Card Spending
This week, you can
• Confront your total credit card debt
• Better understand how credit card purchases get out of hand
THERE IS PROBABLY NO GREATER waste of money than maxed-out credit cards, especially those with a high interest rate. If you pay only the minimum, it will be years before the card returns to a zero balance. When you factor in the interest, the price of every purchase will be much higher than the original sales slip indicated. And don’t forget that this interest isn’t like that accrued on your mortgage: You can’t deduct it. It’s just eating away at your financial security.
How much will it be eating away? Glad you asked! Suppose you have a balance of $1,000 on your credit card, and you are paying ...

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