5 Ways to Invest in Yourself

Program Description
Since most debt is at a higher rate than the yield for investments, by chipping away at personal debt, credit cards and revolving loans, a person can realize a greater net worth than with typical savings accounts, certificates of deposit and retirement strategies. Twelve to 20 percent credit card debt, paid off early, will save more dollars than a 3 percent to 5 percent savings account or CD. Avoid paying only the minimum payment on credit cards, which will stretch that debt out into many years with interest amounting to much more than the principle.

Actions:
1. Cut up all credit cards.

2. Keep only a bank debit card for use with ATMs for emergencies.

3. Budget a workable plan to pay off revolving debt.

4. Pick a realistic goal date to have debt paid off.

5. List options other than revolving debt for purchases.