Paying Off Debt? Be Wary of this Advice

If you’re in debt, it can feel overwhelming.

You may feel like you’ll always be indebted and that things will never get better.

However, plenty of people have been where you are and have successfully gotten out of debt, and you can too.

First, though, you have to stop digging the debt hole and stop adding on to your debt. And if you’re going to stop digging, you need to know the difference between the right and wrong ways to get out of debt.

Many agencies, websites, and spokespeople claim to know the best way to get out of debt, but that isn’t always the case.

To make sure someone has your best interests in mind, ask yourself, “Is this person trying to make money off of my debt?” If so, you probably want to avoid them.

Or, you can just take a look at the following list of the worst advice to listen to when you’re getting out of debt:

Questionable Advice for Eliminating Your Debt

1. Pay Your Minimums

Maybe the best way to make sure you’ll stay in debt forever is to run up a high balance on your credit card and pay only the minimum balance on it each month.