Credit card debt

You can get into trouble very quickly these days if you miss payments.  Rates can skyrocket very easily.  However start making payments on time again and after a few payments

• Give the credit card company a call and ask for a rate reduction

• Often they will tell you immediately that they cannot do that

• Tell them that you have an offer of a lower rate from another company (it is best if this is true so you can be specific)

• Tell them you would like to continue business with them but only if they can match this rate

Avoid credit card impulse purchases by

• Leave the credit cards at home until really needed

• Cut them up.  Keep one for emergencies

• Freeze them in a block of ice.  During the time it takes to thaw, its no longer an impulse

Loans

Almost everyone has a loan at some point of their life.  Know how to manage them

• Shop around for a loan

• Make sure there is no prepayment penalty

• Refinance only if the savings from the lower rate and cost of the refi is truly cheaper than the cost of your current loan